Washington Mutual Savings Bank said it has completed its acquisition of Ogden-based Utah Federal Savings Bank for $15.2 million in stock.
Utah Federal shareholders received 2.445 shares of Washington Mutual common stock for one share of Utah Federal. The average closing price for Washington Mutual common was $43.788 per share, based on the 10 trading days prior to Nov. 26.
Conversion of Utah Federal deposit accounts will take place the weekend of Dec. 13, and loan accounts will be converted in early 1997, Washington Mutual said.
Kerry Killinger, chairman, president, and chief executive of Washington Mutual, said the deal will improve the thrift's presence in Utah.
Including branches from Utah Federal, Washington Mutual operates 19 full-service centers and four home loan offices in the state.
Two Utah Federal branches in Logan and Country Hills will be consolidated with Washington Mutual financial centers in those cities.
Washington Mutual Inc. has total assets of $22.4 billion and 270 branches in Washington, Oregon, Idaho, Montana, and Utah.