Citicorp builds on southern California beachhead

As interstate banking spreads, the nation's No. 1 bank holding company is making its presence felt in the lucrative southern California market. An Oakland-based savings-and-loan association acquired by the New York-based Citicorp last year will soon debut in Los Angeles and Orange Counties.

Marking its southward push, Citicorp Savings, a federal savings-and-loan association, recently received approval to establish branch offices in Glendale, a Los Angeles suburb, and in the city of Orange.

Citicorp Savings also plans to open two branches in San Diego County.

The bank holding company got a major boost into the California market when it took over the former Fidelity Savings & Loan Association (not related to Glendale-headquartered Fidelity Federal S&L) which regulators had seized.

Fidelity had concentrated operations in northern and central California with an 81-office network. As the renamed Citicorp Savings, it turned its gaze southward. Glendale appears to be a testing ground for Citicorp. That's where it opened a thrift and loan - Citicorp Person-to-Person Thrift - last spring. Citicorp is also in consumer finance in California through 15 statewide offices of Citicorp Person-to-Person Financial Center.

Even before its name was hoisted over the Fidelity offices, Citicorp had more than 3,000 workers in California. Its Western division and other units established a major outpost a year ago in downtown Los Angeles, occupying 104, 000 square feet spanning five floors of a new 48-story skyscraper.

All this is happening, of course, before formal approval of true interstate banking.

About these ads
Sponsored Content by LockerDome

We want to hear, did we miss an angle we should have covered? Should we come back to this topic? Or just give us a rating for this story. We want to hear from you.

Loading...

Loading...

Loading...

Save for later

Save
Cancel

Saved ( of items)

This item has been saved to read later from any device.
Access saved items through your user name at the top of the page.

View Saved Items

OK

Failed to save

You reached the limit of 20 saved items.
Please visit following link to manage you saved items.

View Saved Items

OK

Failed to save

You have already saved this item.

View Saved Items

OK