Valley Federal Savings & Loan said it agreed to sell three of its branches to Santa Barbara Savings & Loan. The branches, in Goleta, Taft and Oxnard, have combined deposits of $41.1 million. The purchase price was not disclosed, and the deal is dependent on approval from the Federal Home Loan Bank.
Valley Federal, with headquarters in Van Nuys, is the San Fernando Valley's largest financial institution. It has $3 billion in assets and 52 branches. Valley Federal sold the branches to consolidate operations and increase deposits at its remaining branches, a spokesman said.
Santa Barbara Savings has assets of $5.4 billion and 45 branches primarily in the four counties of Santa Barbara, San Luis Obispo, Ventura and Kern.