SEATTLE, Wash. -- Olympic Savings Bank said its shareholders approved the thrift's merger into Puget Sound Savings Bank of Seattle, a subsidiary of Tacoma-based Puget Sound Bancorp.

Under the terms of the agreement, each outstanding share of Olympic's common stock will be converted into the right to receive $8.25 in cash. The total is about $2.75 million.

John W. Fuller, president and chief executive officer of the $94 million-asset Olympic, said 99% of votes cast, or 73% of the 333,005 Olympic shares issued and outstanding, were in favor of the merger. The effective date is expected to be in July, after the remaining regulatory approvals are obtained.

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