GLENDALE, Calif. - Glendale Federal Bank said it had completed the sale of its University Savings Bank to First Interstate Bank of Washington.

University Savings is a 25-branch thrift based in Washington state with $1.2 billion in assets.

First Interstate paid $205.1 million in the deal.

University Savings, which has served the Puget Sound area since 1915, was acquired by Glendale Federal in 1989.

The deal bolstered Glendale's capitalization and allows it to focus on its core California operations, said Stephen J. Trafton, the bank's chairman and chief executive officer.

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