Home Federal S&L; to Acquire 3 California Federal Branches
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Home Federal Savings and Loan has signed an agreement to buy three branches with $52 million in combined deposits from California Federal Savings and Loan Assn., the S&Ls; said Tuesday. The S&Ls; did not disclose a purchase price.
The acquisition of the branches in Diamond Bar, Fallbrook and Fresno “is an opportunity for us to increase our market share in some target areas,” according to Jim Stutz, Home Federal executive vice president.
Home Federal said the purchase, which must be approved by the Federal Home Loan Bank Board, will be completed July 24.
San Diego-based Home Federal, with $12 billion in assets, will have 166 offices after the proposed deal closes.
California Federal, with $20 billion in assets, is the principal subsidiary of Los Angeles-based CalFed Inc.
In a related announcement, Home Federal also declared a regular quarterly dividend of 5 cents on the company’s common stock, payable Aug. 21 to shareholders of record on July 24.
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