SHEBOYGAN, Wis. -- United Savings and Loan Association said account holders approved its conversion from the mutual to stock form of ownership, paving the way forits merger into Valley Bancorp. of Appleton.

The companies said they expect to consummate the transaction July 1. The state-chartered thrift is issuing all its stock to Valley, a multibank company with $3.9 billion in assets, in return for an $18 million capital infusion.

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