Valley Federal to Sell 8 Branches: Valley...

Valley Federal to Sell 8 Branches: Valley Federal Savings & Loan Assn., continuing its plan to shed assets, said it will sell eight branches in Orange County and Central California to Home Federal of San Diego for an undisclosed price. Home Federal will relocate or consolidate Valley Federal offices in Clovis, Irvine, Santa Barbara, Santa Maria and San Luis Obispo into its branches and reopen other Valley Federal branches in Grover City, Irvine and Orange as new Home Federal locations. The transaction, due to close in the fourth quarter, will leave Valley Federal of Los Angeles with 32 branches. In the first six months of this year, the thrift lost $4.7 million.