Bankrupt Lehman to auction off units

Bankrupt Lehman Brothers Holdings Inc is auctioning a thrift and an industrial bank it owns, and the process is in the early stages, a source familiar with the matter said on Monday.

The sale of Lehman Brothers Bank FSB, a Delaware-based thrift, and Woodlands Commercial Bank, a Utah industrial bank, is being handled by investment bank Lazard Ltd, the source said.

A transaction will have to go through the US bankruptcy court process, said the source, who asked not to be named because the sale process is not public.