Oklahoma City-based Local Financial Corp. is merging its two thrift subsidiaries to form one statewide company.
Local's Tulsa-based thrift, Local America Bank, will drop its charter, and its 17 branches will become part of $1.3 billion-asset Local Federal Bank, an Oklahoma City-based thrift with 27 branches. None of the branches from either subsidiary will be closed.
The move is designed to give the thrifts' customers access to a statewide branch network, said Edward A. Townsend, Local Financial Corp.'s chairman and chief executive officer. Local America customers currently cannot make transactions at Local Federal branches.
Mr. Townsend said he believes the uniform network, which should be completed this year, will help Local Federal attract customers throughout Oklahoma.