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Cal Fed called off a branch-office expansion.

July 12, 1985

Los Angeles-based California Federal Savings, one of the country's largest S&Ls, said it has canceled its plan to buy 16 branch offices in Northern California from financially troubled Eureka Federal Savings & Loan Assn. A California Federal spokesman said Eureka Savings was unable to come up with the assets, or cash, necessary to offset the liabilities, or deposits, that California Federal would have assumed in buying the branch offices. In June, federal savings and loan regulators installed a new board of directors and management at Eureka Savings because of the institution's mounting losses.

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