Great Western Savings, marking its first retail branch expansion outside California, Friday acquired the deposits of a failed savings and loan in northern Florida for $20.9 million.
Great Western said it agreed to assume an estimated $66 million in insured deposits from Intercapital Savings Bank, a one-office S&L in Jacksonville Beach. The Florida financial institution was seized by savings and loan regulators Friday afternoon.
The acquisition gives Beverly Hills-based Great Western, one of the nation's largest savings and loans, a beachhead in the lucrative Florida retail banking market that it will use to open "dozens" of branches throughout the state, a Great Western spokesman said.
Great Western already operates 10 real estate loan offices in Florida that will be merged into the savings and loan operation, the spokesman added.