California Federal Buys $180 Million in Thrift Deposits : Finance: Struggling Union Federal Savings Bank is selling off four of its branches to raise cash.

A reinvigorated California Federal Bank, making its first acquisition in three years, said Friday that it will buy about $180 million in deposits from four branches of struggling Union Federal Savings Bank.

One of the branches is Union Federal’s Lake Forest location, which will be closed.

Neither thrift would reveal the terms of the deal. Such a package would typically be worth $2 million to $7 million, according to recent sale prices.

The acquisition marks a transition for both thrifts. For California Federal, it signals a readiness to expand again after apparently ending years of turmoil last spring with a final restructuring and infusion of $89 million from a public offering.

The Los Angeles thrift, with $16 billion in loans and other assets, lost $35 million for the first six months this year and still must grapple with $1.2 billion in soured loans, spokesman Frank W. Moore said. Its branch network, once more than 200 offices, had shrunk to 165 before this transaction.

Union Federal, which fails to meet federal requirements for financial stability, is selling some of its 18 branches as part of a last-ditch plan approved by regulators to raise cash for the thrift and its Brea parent company, UnionFed Financial Corp. The thrift, with $1.2 billion in assets, lost $32.2 million for its fiscal year ended June 30. It could be seized by regulators if it fails to raise at least $37.5 million by Sept. 17.

Corporate executives would not comment Friday on the deal with California Federal.

Under the sale, which federal regulators must approve, California Federal will acquire and operate Union Federal branches in Beverly Hills and Rosemead.

In addition to the Lake Forest Union Federal branch, one in Agoura will be closed. Deposits of both will be moved to nearby California Federal offices.