BANKING & FINANCE - Aug. 10, 1991
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BankAmerica Buys Santa Barbara S&L;: San Francisco-based BankAmerica Corp. has bought the deposits and certain assets of failed Santa Barbara Federal Savings from the Resolution Trust Corp. Santa Barbara Federal has 44 branches, primarily in San Luis Obispo, Santa Barbara, Ventura and Kern counties. It also has branches in Beverly Hills, Palm Springs, Santa Ana, Upland and Vacaville. BankAmerica will pay a premium of $41 million for about $1.5 billion in deposits and $62 million in assets, which primarily consists of cash and cash equivalents and secured loans.
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