Great American received approval to merge.

San Diego-based Great American First Savings Bank will officially take over Los Angeles Federal Savings Bank on May 7, following regulatory approval of the merger. Los Angeles Federal’s $650 million in assets will boost Great American’s total assets to nearly $11.3 billion. Great American will pay for the merger by using 700,000 shares of a 2.75-million-share common stock offering, which was priced at $27.25 per share.