Valley Federal to Sell 5 Branches: The...

Valley Federal to Sell 5 Branches: The struggling Van Nuys-based thrift agreed to sell five branch offices in the San Joaquin Valley to Imperial Savings of San Diego for an undisclosed price. Valley Federal, which would have 40 branches remaining, said it expects to post a “modest” fourth-quarter gain on the sale. The company, which lost $3 million last year, said the sale would also cut its operating costs by about $2 million a year.