Butterfield S&L; agreed to sell two branches.
Butterfield’s Temecula, Calif., and Lake Elsinore branches, with $45 million in deposits, will be purchased by Great American First Savings Bank of San Diego. Meanwhile, the parent company of the Santa Ana-based S&L; is facing a revolt from 17 of its 25 Love’s restaurant franchisees. The franchisees have refused to pay Butterfield about $50,000 in royalties during the past three weeks, alleging that the company is pulling back from its promise to revitalize the restaurants. Butterfield said it is examining the legality of the franchisee’s action.