Great Western Financial to Acquire Arizona S

BEVERLY HILLS — Great Western Financial Corp. and First Commercial Savings & Loan Assn. of Phoenix, announced a definitive agreement to merge.

Stockholders of First Commercial will receive common stock of Great Western or cash, at Great Western’s option, equal to an estimated $24.94 per share. Total cost to Great Western will be $17 million.

First Commercial has assets of $76 million, with one office in Phoenix. The S&L; also operates a mortgage-banking facility in Tucson.

Great Western has assets of $27 billion and more than 800 offices nationwide. It is the parent of Great Western Bank of Beverly Hills.

The transaction has been approved by directors of both companies.