Puget to Buy Olympic's Deposits

SEATTLE - Olympic Savings Bank has agreed to sell its deposits and virtually all assets to Puget Sound Bancorp, Tacoma, Wash., for $4 million.

Olympic said the transaction, which awaits a definitive agreement and various corporate and regulatory approvals, would yield between $2.7 million and $3 million after taxes for holders of its 333,005 shares.

Olympic was unsuccessful in building a profitable banking strategy around branches in supermarkets. The thrift, with $113 million in assets, was organized in Bremerton, Wash., in 1964, and subsequently moved its headquarters to Seattle.

Needing to boost capital earlier this year, Olympic sold a majority of its 26 branches, including 16 in Safeway stores, to Seattle-First National Bank, a BankAmerica Corp. affiliate.

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