	fed allows citicorp cci sears s thrift deal the federal reserve board said it approved citicorp s application to purchase through its subsidiary citicorp savings of oakland calif some assets and assume some liabilities of sears savings bank of glendale calif citicorp savings proposed to assume two billion dlrs in deposits and other liabilities and to purchase billion dlrs in assets of branch offices of sears savings the proposal involved less than one third of the assets and liabilities of sears savings owned by sears roebuck and co s the fed said that it generally has determined there were potentially adverse effects of allowing affiliations of banks and savings and loan associations although it has allowed bank holding companies to uire some failing thrifts it said citicorp s proposal properly may be viewed as the permissible uisition of certain assets and liabilities of s and l branches rather than the uisition of an s and l citicorp savings the successor to the failed fidelity savings and loan association has assets of billion dlrs and operates branches in california mainly in the north sears savings has billion in assets and branches predominantly in southern california the application which was approved unanimously will not eliminate sears savings as a competitor the fed said reuter 
