Independence One Bank Has Final Transaction as an S & L

Independence One Bank of California said Monday that it has completed the sale of its savings and loan operating units by transferring $194.1 million in deposits to Glendale Federal Bank and ceasing operations as an S & L.

The Mission Viejo thrift, owned by banking company Michigan National Corp., transferred the deposits for $4.4 million. Executives at the Glendale thrift said the deal will allow it to reduce its own borrowings.

Independence One branches in Corona Del Mar, La Jolla and Century City were added to the Glendale network, giving it 138 branches. Sites in Laguna Hills and Beverly Hills are being consolidated with nearby Glendale offices.

The deal is the third and final phase by Michigan National to sell Independence One and allow the Detroit area company to move the thrift charter to Michigan, where it may open a thrift. Michigan National plans to sell the Independence One headquarters next month to a private investor, a company executive said Monday.

In January, Southern California Bank in Anaheim acquired $85 million in business loans and $30 million in deposits from Independence One. A month earlier, a subsidiary of Ford Motor Corp. purchased the thrift’s mortgage banking division.