California Federal Savings & Loan will permanently close one of its three Santa Ana branches this summer as part of a belt-tightening move that calls for the closure of 10 to 12 branches statewide, company officials said Monday.
Senior Vice President Edward E. Tillmon said the S&L's five-year-old branch office at 1136 S. Bristol St. will be closed because it has not generated sufficient customer traffic.
The branch's 11 employees will be offered jobs elsewhere within the company structure, said Clifford L. Benson, president of the California Federal's Santa Ana division.
Benson said the South Bristol Street branch has been unable to develop adequate deposits. After operating for five years, the branch only has $5 million in deposits, far below the goal of $30 million in deposits California Federal branches are expected to develop within their first four years of operations.