First Federal Savings Bank has completed the acquisition of the retail deposits of five CrossLand Savings offices in Utah.
First Federal President Gerald R. Christensen said the purchase included $58 million in deposits, the acquisition of the Sugarhouse and Fashion Place offices and the assumption of the lease of the Cottonwood office.Deposits in the CrossLand ZCMI offices were transferred to the First Federal Eagle Gate Office, and deposits in the Dan's Foothill office were moved to the First Federal Foothill office at 1442 Foothill Drive.
Christensen said the bank paid $2.3 million for the acquisition, which included $1.1 million for the deposits and $1.2 million for the real estate and fixed assets. The bank paid cash for the deposits.
First Federal now has eight offices and total deposits of approximately $258 million.
Christensen said the purchase follows the bank's plan to increase deposits by acquisition.
CrossLand Savings is a $12.8 billion savings bank based in New York. The sale enables it to concentrate its resources more efficiently in those retail banking markets where it has a larger market share.