Washington Mutual To Buy Utah Savings Bank
Seattle Times Staff: Seattle Times News Services
SEATTLE - Washington Mutual plans to acquire Utah Federal Savings Bank, based in Ogden, and merge it into Washington Mutual Bank.
If approved by banking regulators and shareholders of two-thirds of Utah Federal's common stock, the transaction is expected to be completed during the second quarter of this year. Utah Federal's common stock is not publicly traded.
Utah Federal reported assets of $122.6 million and deposits of $110 million. The bank operates five branches in the Ogden area. Washington Mutual already operates 16 full-service centers and one loan center in Utah.
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