New Headquarters: Newport Balboa Savings has changed...

New Headquarters: Newport Balboa Savings has changed its name to ITT Federal Bank, reflecting the name of its parent, ITT Corp. in New York. At the same time, the savings and loan, cramped for space in its headquarters building in Newport Beach, has moved its headquarters to the Jamboree Center in Irvine, at Jamboree Road and the San Diego Freeway. The thrift, which started operations in 1979 and was purchased by an ITT subsidiary seven years ago, has grown to hold nearly $1 billion in assets in its two branches in Newport Beach. Fredric J. Forster, ITT Federal’s president, said the S&L; will “explore” possible acquisitions of troubled thrifts this year to increase its branch system.