Valley Federal Deposits in Visalia to Be Purchased

Valley Federal Savings and Loan Assn., based in Van Nuys, said Monday that the deposits of its retail banking office in Visalia will be acquired by Home Savings of America.

The acquisition takes effect March 9. The deposits will be transferred to a Home Savings branch in Visalia.

The sale is part of Valley Federal’s strategy to consolidate its San Joaquin Valley branches. The ailing thrift, which has been closing branches and cutting its work force to reduce costs, in November was placed in the Office of Thrift Supervision’s accelerated resolution program, under which the federal government will try to find a buyer for the savings and loan.