Great American Completes Stock Sale

Great American First Savings Bank completed the previously announced public offering of 589,068 shares of its stock at a price of $16.125 per share in connection with its conversion-merger with Capital Savings Bank of Olympia, Wash.

An additional 62,095 Great American shares were subscribed to by members, officers and employees of Capital, which before the merger was a 40-branch mutual savings bank. Five of Capital’s branches are located in Montana. The merger, which has received regulatory approvals, is scheduled to close next Thursday.

Proceeds from the offering will be contributed to the capital base of Great American First Savings Bank, FSM, which is the Arizona-based subsidiary of Great American into which Capital is being merged.

Before the merger, Capital had an asset base of $675 million. Its deposits of $621 million ranked fifth among Washington’s S&Ls.; Great American’s assets totaled $13.7 billion as of June 30. Great American operates 193 branches in California, Arizona and Colorado.

The new shares issued for the stock subscription and offering brought the total of Great American shares outstanding to 23.7 million. Great American stock closed down 12.5 cents per share at $16.125 in New York Stock Exchange trading Thursday.