Cal Fed to Buy Some Empire S&L; Branches
California Federal Bank, moving to further expand its Southern California customer base, said Tuesday that it will take over certain branches and deposits from Empire Federal Savings of America.
The Los Angeles-based thrift said it will acquire about $265 million in deposits from Empire, taking over three Southern California branches and assuming deposits from 10 others.
Cal Fed will not acquire any loans from Empire in the deal, spokesman James F. Hurley said. Cal Fed, the nation’s fourth-largest thrift with $23 billion in assets, did not disclose terms of the deal.
Empire, based in Buffalo, N.Y., has been in receivership since February. Resolution Trust Corp., the federal agency charged with disposing of ailing S&Ls;, put the entire 122-branch thrift up for sale in June.
Pending approval of federal regulators, Cal Fed will take over Empire’s branches in Santa Monica, Woodland Hills and Monterey Park, effective Sept. 7. Deposits at the 10 other branches involved will be transferred to existing Cal Fed branches on the same date.
Cal Fed will inform customers where their deposits will be transferred “almost immediately,†Hurley said.
The Empire branches whose deposits will be transferred are located in Westlake Village, Encino, Hacienda Heights, Bellflower, Seal Beach, Fountain Valley, Costa Mesa, Irvine, Upland and Laguna Hills.
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