SAN FRANCISCO - ITT Corp.'s recently announced plan to sell its finance unit have set the stage for the dismantling of ITT Federal Bank, the country's 42d-largest thrift.

In one of many transactions related to the spinoff, Irvine, Calif.-based ITT Federal Bank's three branches and about $150 million of its deposits are to be acquired by First Nationwide Bank, a $14.7 billion-asset thrift based in Dallas, for an undisclosed sum.

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