LOS ANGELES - California Federal Bank will purchase about $180 million in deposits from Union Federal Bank.

The transaction, subject to regulatory approval, is scheduled to close Aug. 27. Other terms were not disclosed.

California Federal will acquire and operate two Union Federal branches, while deposits at two others will be consolidated with nearby California Federal offices.

Calfed said that as of Aug. 30, its new customers will have access to its full line of financial services.

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