CONTINENTAL FEDERAL <CONF> HOLDER TO SELL STAKE Continental Federal Savings and Loan Association said it was told that an estate holding 38 pct of its stock plans to sell its stake at a premium over the current stock price. Continental said the estate of Harold Vernon and certain parties have signed a letter of intent to sell the stock for 12.25 dlrs a share, for a total of about 6,538,000 dlrs. Continental's stock closed at seven in over-the-counter trading. The thrift said the buyer is <BAC Inc>, a corporation acting for certain unindentified parties.