Valley Federal Savings & Loan agreed to swap two of its branch offices, in Fresno and Del Mar, for the two Visalia offices operated by Great American First Savings Bank. The companies said the exchange would bolster their market shares.
After the proposed swap, Van Nuys-based Valley Federal would still have six Fresno branches and three offices in Visalia. Great American First Savings, based in San Diego, would have three branches in Fresno and two in Del Mar.
The exchange is subject to approval by both companies' directors and regulatory officials.
Overall, Valley Federal operates 47 offices in California and has $3.3 billion in assets. Great American First Savings has 228 branches in five Western states and $15.3 billion in assets.