Cenfed Financial Corp., Pasadena, Calif., closed on its acquisition of United California Savings Bank on Monday, but at a price $500,000 less than originally negotiated.

For $6.5 million, well below book value, Cenfed picked up eight branches in affluent Orange County and expanded its retail customer deposit base by $405 million, or 45%. And, though United California had a good-size nonperforming asset ratio, Cenfed is taking on relatively little credit risk.

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