Business Services Industry
California's HF Bancorp Plans to Acquire Palm Springs Savings.(Originated from The Business Press, Ontario, Calif.)
Knight Ridder/Tribune Business News, May, 1996 by McAfee, Paul
May 20--Still flush with capital from its initial public offering last year, HF Bancorp extended its recent shopping spree by announcing an agreement to acquire the Coachella Valley's largest locally based thrift.
If the sale of Palm Springs Savings Bank passes muster with federal regulators and Palm Springs Savings shareholders, HF Bancorp will pass the billion-dollar mark in assets and surpass RedFed Bancorp as the Inland Empire's second largest thrift behind PFF Bancorp. HF Bancorp reported assets of $754.4 million as of March 31, compared with $858 million for RedFed and $2.01 billion for PFF.
HF Bancorp would also pass an important benchmark in the industry by becoming one of the 20 largest thrifts based in California.
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