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 Valley Federal Savings & Loan Association said 
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Imperial Corp. of America withdrew from regulators its application 
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to buy five Valley Federal branches,
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 leaving the transaction in limbo.
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 The broken purchase appears as additional evidence of trouble at Imperial Corp.,
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 whose spokesman said 
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the company withdrew its application from the federal Office of Thrift Supervision 
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because of an informal notice 
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that Imperial's thrift unit failed to meet Community Reinvestment Act requirements.
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 The Community Reinvestment Act requires savings and loan associations to lend money in amounts
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 related to areas 
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where deposits are received.
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 The transaction,
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 announced in August,
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 included about $146 million in deposits at the five outlets in California's San Joaquin Valley.
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 Terms weren't disclosed, 
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but Valley Federal had said 
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it expected to post a modest pretax gain and to save about $2 million in operating costs annually.
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 Valley Federal said Friday 
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that it is considering whether to seek another buyer for the branches or to pursue the transaction with Imperial Corp.,
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 which said 
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it is attempting to meet Community Reinvestment Act requirements.
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 Valley Federal, with assets of $3.3 billion, is based in Van Nuys.
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 Imperial Corp., 
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based in San Diego, 
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is the parent of Imperial Savings & Loan.
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 In the first six months of the year it posted a net loss of $33.1 million.
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