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Two of Los Angeles' largest thrifts announced plans two weeks ago to buy out-of-state savings and loan associations in deals that will solidify their positions in hotly competitive lending markets.
GlenFed Inc., the $23 billion (assets) parent of Glendale Federal Savings and Loan Association, says it will buy University Savings Bank of Seattle in a $75 million deal.
Meanwhile, CalFed Inc., the parent of $24.6 billion (assets) California Federal Savings and Loan, says it will pick up Duval Federal Savings and Loan Association of Jacksonville, Fla., for an undisclosed amount. CalFed's purchase will make the thrift the fourth largest financial institution in Florida.
"What you are seeing in Washington state is indicative of what you are seeing in the financial services industry today, which is expansion by acquisition into key geographic areas," says Keith P. Russell,...