Great American won permission to buy an S&L;.

Great American First Savings Bank, in the first interstate acquisition of one healthy thrift by another, received federal approval to purchase Home Federal Savings & Loan of Arizona. The $102-million purchase of Home Federal was contingent on Great American taking over two savings and loans currently under Federal Savings and Loan Insurance Corp. conservatorship. San Diego-based Great American will assume control of Hacienda Federal Savings & Loan in Oxnard and First Federal Savings & Loan of Redding as part of its merger deal with Home Federal.