P.M. BRIEFING : California Federal Will Purchase Five Thrift Branches in Florida

California Federal Savings & Loan Assn. said today that it has agreed to buy five branches from American Savings & Loan Assn. of Florida.

Terms of the transaction were not disclosed.

Under the deal, California Federal will acquire the deposits of five American branches in the Tampa-St. Petersburg area and four of the five branch buildings. American will retain the fifth building, which is in Westgate.

The deposits of the five branches total about $74 million.

Upon conclusion of the deal, California Federal will operate 55 branches in Florida, including nine in the Tampa Bay area. American, which is based in Miami, will operate 54 offices, including 15 in the Tampa Bay area.

California Federal, which operates 187 branches, is the principal subsidiary of CalFed Inc. of Los Angeles.