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CALIFORNIA FEDERAL TO PURCHASE $180 MILLION IN DEPOSITS FROM UNION FEDERAL BANK

    LOS ANGELES, Aug. 13 /PRNewswire/ -- California Federal Bank (NYSE: CAL) today said that it will purchase approximately $180 million in deposits from Union Federal Bank.
    The transaction, which is subject to regulatory approval, is scheduled to close Aug. 27, 1993.  Terms of the transaction were not disclosed.
    Union Federal's Beverly Hills and Rosemead branches will be acquired and operated by California Federal Bank while deposits at two other Union Federal branches in Lake Forest and Agoura will be consolidated with nearby California Federal offices.
    "This transaction presents us with an excellent opportunity to expand our customer base in Southern California, the bank's primary market," said William L. Callender, president and chief executive officer of California Federal Bank.  "This acquisition is a good fit for our branch network and we look forward to serving our new customers."
    Accounts at Union Federal's office on El Toro Road in Lake Forest will be transferred to California Federal Bank's Lake Forest branch situated two blocks away at 23562 El Toro Road.  Accounts at Union Federal's Agoura office will be consolidated with a nearby California Federal office.
    Beginning Monday, Aug. 30, California Federal's new customers will have access to the bank's full line of financial services, including checking and savings accounts, personal financial investment services, home mortgage loans, safe deposit boxes and 24-hour ATMs.
    California Federal Bank, FSB, is the nation's fifth-largest publicly traded savings institution.  The bank provides retail banking services through 183 savings and lending offices in California, Florida, Nevada and Georgia.
    -0-             08/13/93
    CONTACT:  James F. Hurley, 213-930-9750, or Frank W. Moore, 213-932-4203, both of California Federal Bank
    (CAL) CO:  CALIFORNIA FEDERAL BANK; UNION FEDERAL BANK IN:  FIN SU:  TNM ST:  CA


-- LA016 -- X515 08/13/93
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Publication:PR Newswire
Date:Aug 13, 1993
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