SAVINGS ACUISITION IN CALIFORNIA ANNOUNCED The Federal Home Loan Bank Board (FHLBB) announced the acquisiton of South Bay Savings & Loan Association in Gardena, Calif., By Standard Pacific Savings of Costa Mesa, Calif. The FHLBB said South Bay had assets of 62.5 mln dlrs and Standard Pacific had 312.8 mln dlrs in assets. It was the fourth federally-assisted merger or acquisition of a troubled savings institution this year, the FHLBB said.