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.

United, which has 12 offices, will retain its thrift charter and join Valley's Lakeshore region, which will have 23 offices and $485 million in assets.

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