Far West Financial will buy Progressive Savings.

Newport Beach-based Far West said it will pay up to $15 million for Progressive Savings & Loan, a troubled 10-branch association based in Alhambra. At that price, Far West is paying about $3 per share for Progressive, about twice what two earlier bidders had offered. Progressive has been under federal regulatory orders for the last two years to find new sources of capital. When the deal is completed, the two associations will merge operations. Far West, parent of Far West Savings & Loan, has about $3 billion in assets. Progressive has about $500 million in assets.

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