GREAT AMERICAN &lt;GTA> GAINS OVER 80 MLN IN LOANS

  Great American First Savings Bank said
  the bank recorded gains exceeding 80 mln dlrs on sales of loans
  and mortgage securities valued at 1.1 billion dlrs.
      The San Diego-based bank said in a prepared release of its
  report to analysts here that the gains included 6.6 mln dlrs in
  arbitrage profits from the premium paid for the separation of
  interest and principal components of new Federal National
  Mortgage Association strip securities.
      The bank said it reported a profit of more than 20 mln dlrs
  on the transaction, involving 390 mln dlrs of FNMA securities,
  including the arbitrage gain.
      Great American recently announced plans to acquire &lt;Capital
  Savings Bank>, Olympia, Wash., and last year acquired &lt;Home
  Federal Savings and Loan Association>, Tucson, Ariz., and &lt;Los
  Angeles Federal Savings Bank>, which resulted in 66 new offices
  and three billion dlrs in assets.
      The bank also said it plans to expand into other major
  western banking markets and is considering an acquisition in
  Colorado.
  

