The Office of Thrift Supervision this week approved two major thrift deals, granting Washington Mutual Inc. permission to acquire H.F. Ahmanson & Co. and Astoria Financial Corp. the go-ahead to buy Long Island Bancorp.
Washington Mutual's transaction is expected to close Oct. 1. The new thrift would have more than $150 billion of assets, making it the seventh- largest financial institution in the country.
It would operate in more than 20 states, although its offices will be concentrated in California, Florida, and Texas.
The OTS said Washington Mutual must meet all agency timetables for fixing year-2000 computer problems as a condition of its approval.
Astoria's purchase is set to close Sept. 30. Upon completion, the thrift would have more than $18 billion of assets, deposits of approximately $10 billion, and 96 branches.
The OTS on Tuesday also gave Beacon National Credit Union, East Syracuse permission to convert to a federal thrift, to be known as Beacon Federal.
In addition, it approved new thrift charters for Nittany Bank, State College, Pa., and New Republic Savings Bank, Rocky Mount, N.C.