Norwest Corp. has agreed to buy Franklin Federal Bancorp, a $1.1 billion-asset thrift based in Austin, Tex., according to a well-placed source.

The source said Norwest would pay about $100 million, or a little more than twice Franklin's book value.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.