BANKING
Compiled by James S. Granelli / Times staff writer
Purchase of Deposits: American Savings Bank in Irvine has agreed to buy $164 million in deposits from five Northern California branches of San Diego’s failed HomeFed Bank. American plans to close the branches in Berkeley, Cupertino, Los Altos, Palo Alto and Walnut Creek, then transfer the deposits in 11,600 savings and checking accounts to nearby American branches. The price was not disclosed.
The deal is part of the sale of 56 HomeFed branches to five groups of buyers for a total of $34.7 million. HomeFed will be left with 144 branches operated by the federal government.
