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Anaheim Builder to Buy Huntington Beach S

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Times Staff Writer

James A. Carter, the Anaheim developer who made an unsuccessful run at an Alhambra savings institution during the summer, has agreed to buy Beach Savings Bank in Huntington Beach.

Carter and state regulators could not be reached for comment on the purchase price or other details of the sale.

The definitive agreement signed by Carter and Beach Savings executives calls for an all-cash transaction, said Alfred I. Puchner, president and chief executive of Beach Savings. Puchner declined, however, to say what the amount was.

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Puchner and three other insiders own 33% of the S&L;’s 200,000 shares and offered last June to purchase another 33% interest--held by eight other shareholders--for $10 a share, or $670,000. That price is the same that the investors paid to open the S&L; in June, 1985.

“Obviously, we’ve changed our minds,” Puchner said in explaining that his group’s offer has been withdrawn. He termed the Carter offer a friendly takeover.

Carter had worked for two years to buy Progressive S&L; in Alhambra but found himself locked in a battle last spring with another bidder, Van Greenfield of Greenfield Partners, a New York investment firm.

In August, Carter agreed to withdraw his bid in return for payment of his takeover expenses--estimated at $400,000. The payment was to be made in Progressive stock at $1.75 a share.

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