MALCOM E. "BUD" COLLIER Jr. SAYS he's pleased with how things have gone since First Federal Savings Bank, Lakewood, Colo., converted to a mutual holding company structure and sold some of its stock to the public in July 1992.

He should be. The thrift's stock, which went out of the gate at $10 a share, is now trading around $37. The chief executive's $500,000 investment has turned into $1.85 million, or about nine times his last reported annual salary.

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