Valley Federal Given to Dec. 31 to...

Valley Federal Given to Dec. 31 to Boost Capital: Valley Federal Savings & Loan said that it was granted until the end of this year to meet federal capital regulations. The action by the Office of Thrift Supervision put off the possibility of a seizure of the Van Nuys-based thrift, which could have come as soon as July. Valley Federal, which is insolvent but profitable, now plans to close or sell about half of its 32 branches and will strive to remain profitable to meet terms of a new capital-boosting plan approved by the OTS. S&Ls; must have a certain amount of capital as a cushion against losses.