Great American Notes Finance Purchase

Great American First Savings Bank Monday let the world know how it intends to pay for most of its acquisition of Home Federal Savings of Arizona, as the San Diego-based company sold $75 million in subordinated convertible notes.

There had been some question whether Great American would issue convertible preferred stock for the $102-million purchase, according to Irving Katz, director of research at San Diego Securities. The company’s stock was up only $0.125 for the week.