CITICORP <CCI> SAVINGS EXTENDS CALIFORNIA REACH Citicorp has extended its reach into the California market with Citicorp Savings' acquisition of 50 of Sears Roebuck's <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 <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 <GWF>, H F Ahmanson and Co <AHM>, Golden West Financial <GWD> and Great American First Savings Bank <GTA>.