Printer Friendly

HOME SAVINGS OF AMERICA ACQUIRES 23 BRANCHES OF WESTERN FEDERAL SAVINGS BANK

Recent Acquisitions in Southern California Total $3 Billion in Deposits
 IRWINDALE, Calif., Sept. 9 /PRNewswire/ -- Home Savings of America, the principal subsidiary of H.F. Ahmanson & Co. (NYSE: AHM) today announced that it has acquired 23 branches of Western Federal Savings Bank from the Resolution Trust Corp. (RTC).
 The acquisition, which became final at 6 p.m. PDT today, includes approximately $1.7 billion in retail deposits in the 23 branches, all of which are located in the Los Angeles area. Home Savings paid a premium of approximately $87 million for the deposits.
 Charles R. Rinehart, chief executive officer of both Ahmanson and Home Savings, said, "This acquisition increases Home Savings' already strong market presence in Southern California and complements our strategy to expand in markets where we already have a significant presence. California remains a strong and growing market for us."
 Home Savings announced in July that it has signed definitive agreements with Fidelity Federal Bank, Long Beach Bank and Hawthorne Savings and Loan Association to acquire a total of 21 branches in Southern California with deposits totalling $1.1 billion. Also in July, the company purchased five branches of Guardian Federal Savings Association of Huntington Beach from the RTC and its acquisition of four branches of Northeast Savings in San Diego became final.
 These acquisitions, along with the Western Federal branches, will increase Home Savings' market share in Southern California from 8 percent to over 9.5 percent and increase its total deposits in Southern California by approximately $3 billion, from $16 billion to $19 billion.
 All 23 Western Federal branches will open for business as usual as Home Savings of America branches on Monday morning, Sept. 12, 1994, and deposits will be insured by the Federal Deposit Insurance Corp. (FDIC).
 Home Savings of America is the nation's largest savings institution and one of the leading residential mortgage lenders. With assets of more than $51 billion and deposits of $37 billion, it serves more than 2.5 million customers from 370 savings branches in seven states and 91 mortgage lending offices in 12 states.
 -0- 9/9/94
 /CONTACT: Mary Trigg of H.F. Ahmanson & Co., 818-814-7922/
 (AHM)


CO: H.F. Ahmanson & Co.; Home Savings of America; Western Federal
 Savings Bank ST: California IN: FIN SU: TNM


JL-JB -- LA031 -- 3125 09/09/94 21:22 EDT
COPYRIGHT 1994 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1994 Gale, Cengage Learning. All rights reserved.

 Reader Opinion

Title:

Comment:



 

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 9, 1994
Words:388
Previous Article:PONTIAC DOES IT AGAIN - DOUBLE-DIGIT RETAIL SALES INCREASES IN CALIFORNIA
Next Article:'THE COMMISH' STARRING MICHAEL CHIKLIS RETURNS FOR FOURTH HIT SEASON
Topics:

Terms of use | Copyright © 2014 Farlex, Inc. | Feedback | For webmasters