Printer Friendly

CALIFORNIA FEDERAL BANK AND HOMESTEAD EXCHANGE NORTHERN CALIFORNIA DEPOSITS

 CALIFORNIA FEDERAL BANK AND HOMESTEAD EXCHANGE
 NORTHERN CALIFORNIA DEPOSITS
 LOS ANGELES, Sept. 24 /PRNewswire/ -- California Federal Bank, FSB, and Homestead Savings announced today a definitive agreement to exchange approximately $625 million in Northern California deposits. The transaction, which is subject to regulatory approval, will allow both institutions to increase their profitability and market share in targeted Northern California counties.
 California Federal Bank will more than double its San Francisco and Marin County market presence by acquiring seven of Homestead's San Francisco County branches, totalling approximately $325 million in deposits.
 Homestead Savings will acquire all eight of California Federal Bank's East Bay offices and its Burlingame branch, totalling approximately $300 million in deposits.
 "This transaction enables Cal Fed to substantially increase our market presence and profitability in San Francisco while reducing expenses significantly," said William L. Callender, president and chief executive officer of California Federal Bank.
 Upon completion of the exchange, California Federal Bank will operate 17 Northern California offices. Homestead will operate 22 offices in the East Bay.
 California Federal Bank, the nation's fifth-largest savings institution and principal subsidiary of CalFed Inc. (NYSE: CAL), provides retail banking services and home mortgage loans through 170 branches in California, Florida, Nevada and Georgia.
 -0- 9/24/92
 /CONTACT: Frank W. Moore of Cal Fed Bank, 213-932-4203; or John Halicky of Homestead, 415-692-9010, ext. 8210/
 (CAL) CO: California Federal Bank; Homestead Savings; CalFed Inc. ST: California IN: FIN SU:


AL -- LA006 -- 3094 09/24/92 12:21 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 24, 1992
Words:245
Previous Article:RB&W CORPORATION ANNOUNCES ELECTION OF NEW BOARD OFFICERS
Next Article:MEXICAN NATIONAL RAILWAYS CHIEF TO JOIN AAR BOARD
Topics:


Related Articles
CALIFORNIA FEDERAL BANK SIGNS DEFINITIVE AGREEMENT ON SALE OF SOUTHEAST DIVISION
CALIFORNIA FEDERAL BANK COMPLETES SALE OF SOUTHEAST DIVISION
HOME SAVINGS OF AMERICA ACQUIRES 23 BRANCHES OF WESTERN FEDERAL SAVINGS BANK
GLENDALE FEDERAL BANK ANNOUNCES COMPLETION OF SALE OF FLORIDA FRANCHISE
GLENDALE FEDERAL BANK ANNOUNCES COMPLETION OF SALE OF UNIVERSITY SAVINGS SUBSIDIARY
GLENDALE FEDERAL BANK COMPLETES ACQUISITION OF INDEPENDENCE ONE DEPOSITS
CALIFORNIA FEDERAL BANK ACQUIRES CONTINENTAL SAVINGS OF AMERICA'S BRANCH NETWORK
GLENDALE FEDERAL BANK ANNOUNCES DEFINITIVE AGREEMENT TO PURCHASE DEPOSITS OF UNION FEDERAL BANK
CALIFORNIA FEDERAL BANK ACQUIRES BRANCH DEPOSITS OF PACIFIC HERITAGE BANK
CALIFORNIA FEDERAL BANK TO SELL SAN DIEGO BRANCHES

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters