Developer Carter Agrees to Buy 84% of Beach S

James A. Carter, the Anaheim developer who has agreed to purchase Beach Savings Bank, will pay $10 a share, or nearly $3.4 million, for control of 84% of the institution if the deal is approved by regulators.

The agreement calls for Carter to purchase 200,000 newly issued shares and 138,793 of the Huntington Beach institution’s 200,000 outstanding shares. With $26.1 million in assets at the end of June, Beach is one of the smallest S&Ls; in the state.

State and federal regulators still must approve Carter’s credentials before he can take control of the state-chartered S&L;, but both the state Department of Savings and Loan and the Federal Home Loan Bank Board approved Carter in his earlier attempt to acquire Progressive Savings & Loan Assn. in Alhambra.

Carter was approached by Beach Savings because “they knew Jim had been approved by regulators on the Progressive deal and had seen news stories about it,” said Ernest Thompson, a Carter adviser. Carter withdrew his bid for Progressive in early August because of a competing bid that Progressive’s management and shareholders favored.

Thompson, a veteran banker with 20 years at Crocker National Bank, has spent the last two years looking for an S&L; for Carter to buy. He would become president and chief executive of Beach under an agreement that Carter reached in mid-September with the S&L;’s majority shareholders and directors.

Under the agreement, Carter would buy 138,793 outstanding shares from the 12 majority shareholders for $10 apiece--the same price they paid to form the association 15 months ago. Carter also would pay an additional $2 million for the new shares, and that money would go into the S&L;’s capital. Carter also would make a tender offer, at the same price per share, for the remaining stock held by about 200 investors.