MINNEAPOLIS -- Metropolitan Financial Corp. said it signed a definitive agreement to buy Western Financial Corp., Overland Park, Kan.
Western's subsidiary, Columbia Savings Association, would be merged into Metropolitan Federal Bank of Fargo, N.D.
Metropolitan said it expects to pay $10 a share in stock and cash, with the cash not to exceed about $10 million. The value of the deal is about $21.5 million.
Western Financial has assets of $650 million and 24 Columbia Savings branches in Kansas. Including pending acquisitions, Metropolitan said it would end the year with $6 billion in assets and 180 branches in seven states.
