In Brief: Omaha Firm in $57M Deal for Iowa Thrift

Commercial Federal Corp. has agreed to acquire Perpetual Midwest Financial Inc., parent company of Perpetual Savings Bank, Cedar Rapids, Iowa.

The agreement calls for Commercial, based in Omaha, to pay $57.4 million in stock for $402 million-asset Perpetual.

Perpetual's five branches will become branches of the holding company's Commercial Federal Bank subsidiary.

"This acquisition is a great addition to Commercial Federal's Iowa franchise," said William A. Fitzgerald, chairman of the board and chief executive officer of the $7.2 billion-asset holding company.

Commercial Federal currently operates 108 branches in five states, including seven sites in Iowa. The company expects the deal to close during the second quarter. - Louis Whiteman

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