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First Nationwide to Add 35 K Mart Branch Offices

December 10, 1985|TOM FURLONG | Times Staff Writer

First Nationwide Savings plans to add about 35 branch offices in K mart stores throughout California next year, the two companies announced Monday.

The move is an expansion of a pilot program begun last year when First Nationwide started offering financial services at 10 K mart stores in San Diego County. About seven of the new branches will be located in the Sacramento area, while the others will be located in Southern California.

"Our decision to expand with First Nationwide reflects the success we've experienced in the San Diego program," K mart Senior Vice President Robert E. Brewer said in a statement. "Deposit levels have exceeded our expectations."

"Through this expansion program, (the companies) are underscoring our commitment to serve America's broad middle-class customer," added First Nationwide Chairman Anthony Frank.

The new financial services outlets will include savings and individual retirement accounts, Visa credit cards, mortgage applications and automatic teller machines, First Nationwide said. Each outlet will be staffed by one First Nationwide representative, will be open six days a week and will have late evening hours.

Based in San Francisco, First Nationwide has assets of $11.2 billion, making it among the 10 largest S&Ls in the country. It operates 178 branch offices in California, Hawaii, New York and Florida.

Troy, Mich.-based K mart is the country's second-largest retailer, operating more than 2,100 discount department stores.

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