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GREAT WESTERN BANK TO SELL WASHINGTON BRANCHES COMMITMENT REMAINS STRONG TO HOME LENDING OPERATION

 GREAT WESTERN BANK TO SELL WASHINGTON BRANCHES
 COMMITMENT REMAINS STRONG TO HOME LENDING OPERATION
 CHATSWORTH, Calif., Sept. 4 /PRNewswire/ -- Great Western Bank and Pacific First Bank of Seattle have announced their intent to transfer selected banking branches and deposits to each other.
 Great Western will acquire 10 Pacific First branches located in Southern California and will assume approximately $445 million in deposits. Pacific First will acquire 14 Great Western branches located in the Seattle area and will assume approximately $385 million in deposits.
 Both companies have signed a letter of intent. When a definitive agreement is reached, the transaction will be subject to federal regulatory approval and other conditions.
 The company said the transaction will enable it to focus on its long-term strategy of building branch networks in the California and Florida markets where it has the opportunity to develop economies of scale.
 The company also said it is very pleased with the success of its home lending operation in the Seattle area and expects to expand its mortgage office network in the future.
 Great Western Bank is the principal subsidiary of Great Western Financial Corp. (NYSE: GWF), a diversified financial services company. With assets of more than $38 billion, Great Western operates more than 1,100 mortgage lending, retail banking and consumer finance offices in 31 states.
 Founded in 1907 in Tacoma, Wash., Pacific First Bank currently operates 134 retail and mortgage banking offices throughout Washington, Oregon and California.
 Pacific First's parent corporation, Royal Trust, is Canada's leading trust company with more than C$36 billion in assets and C$123 billion in trust assets under administration. Royal Trust offers a broad range of client services, including retail and private banking, personal trust and investment management through its network of 144 offices in Canada and 20 offices in major financial centers in the United Kingdom, Europe, the Caribbean and Asia.
 -0- 9/4/92
 /CONTACT: Ian Campbell, 818-775-3773, or Steve Hawkins, 818-775-3766, both of Great Western; or Marlane Wolf of Pacific First, 206-224-3384/
 (GWF) CO: Great Western Bank; Pacific First Bank ST: California, Washington IN: FIN SU: TNM


KJ -- LA029 -- 7167 09/04/92 21:01 EDT
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Publication:PR Newswire
Date:Sep 4, 1992
Words:358
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