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May 21, 2003
2 Seattle banks to merge in $65M deal
SEATTLE (AP) -- Washington Federal Savings and Loan Association is acquiring United Savings and Loan Bank in a $65 million transaction, the two Seattle-based companies said Tuesday.
The agreement calls for Washington Federal to issue a mix of cash and stock in exchange for the outstanding shares of United Savings.
The deal, which must receive regulatory and shareholder approvals, is expected to close in the third quarter of 2003.
Under the acquisition, Washington Federal plans to keep all United Savings branches open and is not planning any layoffs, Washington Federal said in a statement. The merged company will have 119 offices in eight western states.