Bluebonnet documents show how thrift will sell branches. (Bluebonnet Savings Bank F.S.B.)

Bluebonnet Savings Bank has parcelled its 21 Texas retail branches into four regions for sale as the thrift moves further from retail banking.

In a document circulated to possible buyers, executives at Dallas-based Bluebonnet stated they will sell the branches in geographic clusters. Bluebonnet President Brad Oates said market conditions have caused the thrift's management to move away from retail banking in order to keep the institution as liquid as possible.

The first part of that transition includes selling some or all of the locations outside Dallas. Bluebonnet's board has not voted to sell the branches, but its offering documents are an attempt to do just that.

"It's the natural evolution of …