Glendale Federal Buys Five Branches of Bank
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Glendale Federal Bank, a Glendale-based savings and loan, said it has paid $4.4 million to acquire five branches and $194.1 million in deposits from Independence One Bank of California, a unit of Michigan National Corp.
Independence One branches in Century City, Corona del Mar and La Jolla were converted to Glendale Federal offices last week. Two other Independence One branches in Beverly Hills and Laguna Hills were consolidated with existing Glendale Federal offices in those cities.
Stephen J. Trafton, chief executive of Glendale Federal, said the acquisition “shows that we are in a growth mode with ambitions for a wider and more meaningful presence in the improving California marketplace.”
The acquisition will enable Glendale Federal to reduce borrowings used to fund the sale of its Florida franchise in December, company officials said. Glendale Federal has 135 bank offices and 23 loan offices in California.
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