ORANGE, Calif. -- Long Beach Bank announced Friday that it has agreed to sell all of its $565 million of deposits to Home Savings of America. This sale is part of a plan by Long Beach Bank to reorganize as a mortgage banking company.

When the sale is finalized, Long Beach Bank's branches in Long Beach will become branches of Home Savings of America, and the Long Beach Bank branches in Beverly Hills, Pasadena, Tustin, and Thousand Oaks will be consolidated with nearby Home Savings branches in those places.

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