CLEVELAND -- Charter One Financial Inc. said it has completed acquiring First American BanCorp.

First American's subsidiary, First American Savings Bank, was merged into Charter's First Federal Savings Bank of Cleveland, the largest thrift in Ohio.

By terms of the merger agreement, each common share of First American is converted to 0.88297 share of Charter One stock.

Based on Charter's closing share price of $23.2 Sept. 16, the deal was valued at $45.3 million.

Deal for Women's Federal

Charter announced a letter of intent Sept. 14 to acquire Women's Federal Savings Bank of Cleveland.

Its $800 million in assets would bring First Federal Savings Bank to $5.1 billion, with 103 offices in Ohio.

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