July 1, 1987
With the purchase of 50 Sears Savings branches--all but 16 in Southern California--Citicorp added $2 billion in deposits and moved into ninth position among California S&Ls. Citicorp completed the deal with a unit of Sears, Roebuck & Co. after gaining Federal Reserve approval. The acquisition gives Oakland-based Citicorp Savings 136 branches in California and about $6.8 billion in total assets.
January 23, 1987 |
Sears Savings Bank--the division of Sears, Roebuck & Co. that fell on hard times in 1986--is negotiating to sell about 50 of its 91 branch offices in California to a single buyer, industry sources have told The Times. Citicorp Savings in Oakland is the leading candidate to acquire the branches, industry officials believe. Sears Savings Bank operates as part of Dean Witter Financial Services Group, which in turn is part of Chicago-based Sears, Roebuck, the nation's largest retailer.
June 6, 1986
Susan E. Kelsey was appointed senior vice president of loan portfolio management of Sears Savings Bank, Glendale.
June 11, 1986
The nation's second-largest savings and loan, based in Stockton, said it will acquire the branches from Sears Savings Bank. Terms of the deal were not disclosed. Sears said it wants to scale back its retail banking operations to the San Francisco Bay Area and Southern California. The 16 Sears branches, which have a total of $580 million in deposits, are scattered in small to medium-size towns across the state. The sale is subject to regulatory approval.