Hawthorne Financial to Buy First Fidelity
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Hawthorne Financial Corp., an El Segundo-based savings and loan, said it will buy First Fidelity Bancorp Inc. for $68 million in stock and cash to expand its mortgage-lending business.
The purchase will give Hawthorne Financial $500 million in loan assets, $413 million in deposits and four offices in Orange and San Diego counties.
Hawthorne Financial, with $1.8billion in assets, has nine Home Savings branches in Southern California, most of which are in the South Bay.
Hawthorne Financial, which employs about 280 people, said it hopes to retain most of Fidelity’s 70 employees.
Shares of Hawthorne Financial rose 71 cents to $25.21 on Nasdaq. Tustin-based First Fidelity is privately held.
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