U. S. OKs Sale of Glendale Federal’s Florida Branches

Glendale Federal Bank said the federal Office of the Comptroller of the Currency has approved the applications of a Florida-based bank holding company to purchase 34 of Glendale Federal’s Florida branches.

The approval represents the final regulatory decision required to complete the previously announced sale to Barnett Banks Inc. of Glendale Federal’s 60 Florida branches, which hold $3.5 billion in deposits. The sales price is $244 million. The transaction is expected to close by Dec. 15, Glendale Federal said.

The Glendale-based savings and loan also recently agreed to sell its University Savings Bank franchise in Washington state, a sale expected to close in the first quarter of 1995. When that transaction is completed, Glendale Federal will have unloaded all of its out-of-state operations, leaving 132 banking offices in California.

The sales will “allow us to focus our attention on building the value of the bank’s California retail banking franchise, where we believe the greatest potential for growth resides,” said Stephen J. Trafton, chief executive of Glendale Federal.