American Savings Buys 2 Unity Branches
IRVINE, Calif. - American Savings Bank said it has acquired through the Resolution Trust Corp. two branches with more $124 million in deposits from Unity Savings and Loan Association of Beverly Hills.
American, the nation's eighth-largest thrift, with $17 billion in assets, did not acquire any of Unity's assets. Unity has been in RTC conservatorship since February.
|A Good Fit'
The branches, in Brentwood and Los Angeles, will continue to operate for 60 to 90 days and then be closed, with accounts transferred to nearby American offices, said W. Brent Robinson, executive vice president and director of retail banking.
Mr. Robinson called the Unity offices "a good fit." He said American, which is based in Stockton, Calif., completed branch acquisitions and deposit swaps in 1991 with San Francisco Federal Savings, Coast Federal Savings, and Sacramento Savings. American has 170 full-service branches and 30 loan centers in California.
In another RTC branch sale, First Federal Savings Bank of Cleveland acquired three offices of Civic Federal Savings with $40 million in deposits for a $1.3 million, or 3%, premium.
First Federal is a subsidiary of the $3 billion-asset Charter One Financial Inc. The Civic offices in Portsmouth, Wheelersburg, and Manchester, Ohio, bring First Federal's branch total to 71.
The thrift also acquired $20 million in assets, identified as performing residential loans held by the acquired offices.
The Charter One unit made one previous RTC deal - the May 1990 acquisition of the deposits of the former Broadview Savings Bank of Cleveland. First Federal has made 11 acquisitions since 1981.