California Federal Bank said it would sell its six San Diego County branches, with deposits totaling $380 million, to Regency Savings Bank, a subsidiary of FBOP Corp., Oak Park, Ill..
Edward G. Harshfield, chief executive officer of CalFed, said the sale would allow the thrift to sharpen its advertising focus in its strongest markets - Los Angeles, Orange, and Riverside counties, the San Francisco Bay Area, and Nevada.
"By concentrating on these primary markets, we further improve the franchise value and the overall efficiency of the bank," Mr. Harshfield said.
The sale has been approved by the boards of directors at both companies and is expected to close in April. Terms of the transaction were not disclosed.