Jefferson Savings Bancorp, St. Louis, announced it will consolidate its Texas thrift into its Missouri subsidiary, Jefferson Savings and Loan.

First Federal Savings Bank of North Texas will become a piece of Jefferson Savings and Loan. "It no longer makes sense to incur the expense associated with the operation to two separate charters," said David V. McCay, chairman and chief executive of $1.2 billion-asset Jefferson. "The merger will allow us to create economies of scale."

Mr. McCay said the combined charter would also make it easier for the company to deploy capital throughout its branch network. Joe L. Williams, president of First Federal Savings, will become president, chief operating officer, and a director of both the holding company and Jefferson Savings.

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