RENO, Nev. -- Amfed Financial Inc. has received approval from the Office of Thrift Supervision to proceed with its plans to acquire First Western Financial Corp., the parent of First Western Bank.
Amfed intends to merge First Western Financial into its subsidiary, American Federal Savings Bank. First Western operates 21 offices in Nevada and has $764 million in assets.
First Western shareholders may elect to receive cash or Amfed common stock.
The election by First Western shareholders will be subject to the requirement that Amfed pay 51% of the purchase price in common stock and 49% in cash. The final valuation of the merger consideration will be determined by the average closing price of Amfed Financial's common stock during the 10 days prior to the closing of the merger.
