Far West Financial Corp. to Buy Progressive S

Far West Financial Corp., the Newport Beach operator of Far West Savings & Loan Assn., has signed a definitive agreement to buy Progressive S&L; in Alhambra for up to $15 million.

The purchase price--subject to adjustments after a financial review--could total as much as $3 a share, almost twice what Progressive had been offered by two separate suitors last summer.

The S&L;, which has $500 million in assets, lost $9.4 million in 1984 and 1985 and has been under regulatory orders to find additional capital.

Progressive’s 10 branches will be added to the 25-branch network of Far West S&L;, and Progressive’s assets will boost Far West’s to $3.5 billion.

The merger is subject to a number of conditions, including approval by Progressive’s shareholders and state and federal regulators.