Great Western To Buy Branches From Republic
LOS ANGELES - Great Western Bank said Friday that it is buying 11 branches with about $525 million in deposits from Republic Federal Savings and Loan.
Republic, based in Woodland Hills, is a subsidiary of Weyerhaeuser Co.
Weyerhaeuser, a forest products company based in Federal Way, Wash., previously announced its intention to withdraw from the thrift business. The sale to Great Western, subject to regulators' approval, would be the final major divestiture.
Other Branch Deals
The unit of Great Western Financial Corp., the nation's second-largest thrift with about $40 billion, said it is buying five branches in Los Angeles County. It is also assuming the deposits of another six around Southern California, which will be consolidated into nearby Great Western offices.
Other nonfinancial or nonbank companies that have recently decided to sell thrifts include Dana Corp., Transamerica Financial Corp., and Capital Holding Corp.