CLEVELAND -- Charter One Financial Inc. said it has concluded a definitive agreement to buy Women's Federal Savings Bank in a cash and stock transaction valued at $80.7 million.

Women's Federal is to be merged into Charter One's subsidiary, Charter One Bank, Ohio's largest thrift.

The two Cleveland-based institutions signed a letter of intent on Sept. 14.

Completion of the transaction is expected in the first quarter of 1993 and will lift Charter One to $5.1 billion in assets and 103 banking offices in Ohio.

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