1st Nationwide to Add 150 Offices in K marts

First Nationwide Financial, the aggressive California savings and loan company owned by Ford Motor Co., said Monday that its subsidiaries and affiliates will open at least another 150 branch offices in K mart discount department stores across the country.

First Nationwide already operates 53 branch offices in K marts in California, Michigan and Kansas and the agreement announced Monday means that it will add outlets in states such as Florida, Missouri, New York, Ohio and Pennsylvania.

Also, more than 20 of the new locations will be in California, a First Nationwide spokesman said.

The move represents another major expansion for First Nationwide, a San Francisco-based financial institution that is toiling hard to live up to its name. It owns savings and loan firm in eight states and has franchise-style, affiliate operations in 32 states.

The latest agreement between K mart and First Nationwide is the result of a pilot program begun in 1984 when First Nationwide opened offices in 10 K mart stores in San Diego County. Another 34 branch offices were later opened elsewhere in California, while nine other offices were opened by First Nationwide affiliates in Michigan and Kansas.

The K mart branch locations are limited-service outlets that offer savings and checking accounts, home loans, certificates of deposit, charge accounts and automated teller machines. Because they operate at low cost, they provide customers with very attractive interest rates on savings accounts.

The latest move was announced in Detroit by top executives of Ford Motor, First Nationwide and K mart. Included in the group were Anthony Frank, First Nationwide’s chief executive, and Bernard M. Fauber, chief executive of K mart.

“Using K mart’s facilities, we’ve been able to to substantially reduce our costs and pass along those savings to customers,” Frank said.

First Nationwide, acquired by Ford a year ago, is one of the nation’s largest savings and loans. Its principal subsidiary is known as First Nationwide Bank--even though it is a savings and loan, not a commercial bank.

Among First Nationwide Bank’s most recent acquisitions were two ailing savings and loans in Kentucky and Missouri that it took over last month with financial assistance from the Federal Savings and Loan Insurance Corp.

K mart, with more than 3,800 stores in North America, is nation’s second-largest retailer, with 1985 sales of $22.4 billion.