GLENDALE, Calif. -- Glendale Federal Savings and Loan Association, the nation's largest federally chartered S&L, announced Tuesday its third major merger and acquisition this year, bringing its total assets to $8 billion.
Glendale said it had received merger approval from the Federal Home Loan Bank Board in Washington, D.C., for a merger with Alameda Federal Savings and Loan Association.
It adds four branches to Glendale's growing network of offices in California and Florida.
Alameda will combine with Glendale's existing West Coast federal savings division offices in Northern California.
The board of directors of Alameda will become members of an advisory board of the association, to be headed by Alameda Federal board chairman James Davis, 52. Alameda's president, Wayne E. Peace, 53, will become a senior vice president in charge of special lending programs and will be based in Glendale.
John Charnay, a spokesman for Glendale, said the newest merger adds 'close to $100-million in assets and four branches, three in Alameda, Calif., and one in San Leandro.'
Two earlier mergers in 1981, first with La Jolla (Calif.) Federal S&L and later with First Federal Savings and Loan of Broward County, Fla., contributed to the addition of 50 branches Glendale has acquired during the year.
At the end of 1980, Glendale had assets of $5 billion, and at the end of 1981, it will have added $3 billion more.
The only change in the firm's structure as a result of the latest merger is the creation of the advisory board. Members of Alameda Federal do not become members of the board of directors of Glendale as a result of the merger, Charnay said.
