Developer Gets Approval to Buy Bank Stock
Anaheim developer James A. Carter said Friday he has received approval from state and federal regulators to purchase the outstanding stock in Beach Savings Bank in Huntington Beach for up to $2 million.
The deal also requires him to pump an additional $2 million of new capital into the S&L.;
The Federal Home Loan Bank Board gave final approval to the previously announced sale of the one-branch savings and loan late on Christmas Eve, after a go-ahead from the California savings and Loan commissioner, according to Carter spokesman Ernest Thompson.
Thompson, who is expected to serve as president of the newly acquired institution with Carter becoming chairman, said the sale is scheduled to close Monday.
He said Carter also anticipates that he will receive government approval next week to acquire two branch offices from yet another Orange County S&L;, which he declined to identify.
Under the Beach Savings Bank purchase agreement, Thompson said, Carter will pay $10 per share to acquire 138,793 outstanding shares from the 12 majority shareholders and will launch a tender offer at the same price for the remaining 61,207 shares, held by about 200 other investors.
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