SEATTLE - Washington Federal Savings of Seattle said it had concluded a definitive agreement to pay $36.4 million in cash for a Utah thrift.
First Federal Savings Bank of Salt Lake City would be First Federal's initial outpost in Utah. The Seattle thrift has $2.8 billion in assets and 64 offices in Washington, Idaho, and Oregon.
First Federal's 10 offices and $377 million in assets would become the Washington thrift's Utah division. The two companies plan to complete the deal early next year, pending approvals by regulators and two-thirds of First Federal stockholders.
Gerald R. Christensen, chairman of the Utah thrift, said the institutions fit well together because they have stuck to home finance and consumer savings and earned consistent profits.