BANKING/FINANCE : Delta Savings Kills Three Birds With One Sell-Off of Branch
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Delta Savings Bank solved three problems at once by selling one of its two branches recently to United Pacific Bank in Los Angeles.
The sale of its Brookhurst Avenue branch rid the tiny Westminster savings and loan of an operation that was just 3 miles from its headquarters on Bolsa Avenue. It also eliminated a big drain on the thrift’s earnings because the branch had just $10 million in deposits, not enough to make it economically viable.
Finally, the sale raised $300,000 and improved the thrift’s capital ratios to the point that it now meets all three regulatory standards, said Young Kim, Delta’s president. The thrift had previously fallen short on one of the three tests.
Delta, which caters to the Asian community, has about $65 million in assets now and earned about $300,000 in the first quarter, Kim said.
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