Atlantic Completes Its Centurion S&L; Takeover

Centurion Savings & Loan's six branches opened Monday with a new name and a new owner: Atlantic Financial Savings Bank.

Atlantic Financial, Pennsylvania's largest savings and loan, acquired Centurion in Sherman Oaks in February for $6.5 million, but the deal was just approved Thursday by regulators.

Officials for Atlantic said few personnel changes are planned for the Centurion branches, which are located in Sherman Oaks, Century City, Northridge, mid-Wilshire in Los Angeles, Santa Monica and West Los Angeles. As of June 30, Centurion had assets of $101 million, a net worth of $4.7 million and 55 employees.

Atlantic, which has assets of $7.4 billion and reported net income of $17.8 million for the nine months ended June 30, now has 22 branches in California. Earlier this year it acquired eight branches in Northern California from Capital Federal Savings & Loan for $103 million.

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