CITICORP &lt;CCI> SAVINGS EXTENDS CALIFORNIA REACH
  Citicorp has extended its reach
  into the California market with Citicorp Savings' acquisition
  of 50 of Sears Roebuck's &lt;S> Sears Savings Bank branches,
  bringing its presences to 143 branches in 101 communities,
  CitiCorp Savings said.
      Thrift industry analysts said the move, approved by the
  Federal Reserve board today, is a plus for Citicorp and shows
  its serious intent to penetrate the California market.
      The acquisition mostly extends Citicorp's reach into
  Southern California, where 34 of the 50 branches are located.
  Citicorp Savings was predominantly in Northern California.
      "This marks our first major expansion in California,
  particularly in the south," said Citicorp Savings President
  Edward Valencia, in a statement.
      Thrift industry sources said they do not see a major
  near-term impact on the Southern California thrift market, but
  do expect Citicorp to be a more aggressive competitor than
  Sears was in that market.
      "We do believe they will be a better competitor than
  Sears," said James Stutz, Executive Vice President of Home
  Federal Savings and Loan Association &lt;HFD>, based in San Diego.
      Banking industry sources said the move is viewed as
  groundwork, to establish Citicorp throughout the California
  market, well before the 1991 law change that will allow it to
  operate as a bank in the state. They said Citicorp is likely to
  convert the branches to banks at that time.
      In the near-term, however, analysts said with seven billion
  dlrs in assets, Citicorp Savings is still not a major force in
  the thrift market, against such large California thrifts as
  Home Federal, Great Western Financial Corp &lt;GWF>, H F Ahmanson
  and Co &lt;AHM>, Golden West  Financial &lt;GWD> and Great American
  First Savings Bank &lt;GTA>.
  

