Golden State Bancorp said Monday it had agreed to buy Redfed Bancorp for about $158 million, or 1.96 times Redfed's book value at Sept. 30.

Golden State, based in Glendale and parent of Glendale Federal Bank, plans to issue $20.75 worth of its common stock for each common share of Redfed, which is based in Redlands and parent of Redlands Federal Bank.

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