Citizens Thrift Moves to Buy U.S. Thrift

Citizens Thrift & Loan Assn., an Irvine institution with $28.2 million in assets, said it is awaiting federal approval of its plans to buy the California thrift operations of U.S. Bancorp for more than $6 million.

The four Northern California branches of U.S. Thrift & Loan Assn. would add $6.2 million in assets to Citizens, according to Michael W. McGuire, Citizens’ president and chief executive.

The purchase price will amount to the total assets of U.S. Thrift at the time of the closing, said James T. Capretz, chairman of Citizens and its parent company, Western Interstate Bancorp.

McGuire said that state authorities already have approved the purchase, leaving only the Federal Deposit Insurance Corp. to give the final approval. He said he expects a decision from the FDIC in September.

“We made the purchase because of the opportunity to expand our lending base,” Capretz said. “We also hope to increase deposits.”

Citizens has branches in Irvine, Anaheim and San Clemente. Western Interstate also has a mortgage banking subsidiary, Citizens Group, based in Tustin. U.S. Thrift has branches in Stockton, Sunnyvale, Concord and Citrus Heights, a suburb of Sacramento.