SEATTLE -- Washington Mutual Saving Bank said it completed a definitive agreement to acquire Olympus Capital Corp. of Salt Lake City for about $52 million in stock.
Olympus Capital is the holding company for Olympus Bank, a. federal savings bank with eight branches in Utah and one in Butte, Mont. Olympus Bank would be merged with Washington Mutual Federal Savings Bank, an affiliate of Seattle-based Washington Mutual Saving Bank.
Under terms of the agreement, which has been approved by both boards of directors, each Olympus common share would be exchanged for $15.50 of Washington Mutual common stock, based on the average closing price for the 10 trading days prior to the third trading day before the effective date.
If the Washington Mutual price falls below $18 a share, the company may elect to pay for a portion of the purchase in cash.
If approved by regulators and a majority of Olympus shareholders, the transaction should be completed in early 1995. Olympus has $394 million of assets, Washington Mutual $16.9 billion.