LINCOLN, Neb. -- Advanced Financial Inc. said it has signed a letter of intent to acquire 80% of Overland Park Financial Corp., parent of Overland Park Savings and Loan Association in Kansas.

AFI said it will exchange restricted shares for the issued and outstanding common and preferred stock of Overland Park Financial. The deal is subject to a definitive agreement and is expected to close this year.

Overland Park Savings has $220 million in assets. Advanced Financial, through its mortgage banking subsidiary CFI, services about $415 million of residential home loans and has been an active buyer of servicing portfolios from the Resolution Trust Corp. and other sources.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.