Go-Ahead for Home Savings to Buy 61 Branches from Wells

Home Savings of America said it has received approval from the Office of Thrift Supervision to acquire 61 divested branches of First Interstate Bancorp from Wells Fargo & Co.

The transaction, priced at $206 million, is a premium of 8.11% on the 61 branches' $2.5 billion in deposits. It is expected to close on Sept. 20.

According to Home Savings, the branches have approximately 70% of the deposits in San Diego, Sacramento, Kern, Riverside, and Ventura counties.

Home Savings of America, which announced the definitive agreement on March 28, is the principal subsidiary of H.F. Ahmanson & Co. The 61 First Interstate branches purchased are in 21 California counties.

Home Savings of America has $49.5 billion in assets and more than $33 billion in deposits.

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