Glenfed Inc. and University Savings Bank announced...

Glenfed Inc. and University Savings Bank announced that they have been notified by the Federal Home Loan Bank Board’s office of regulatory activities that it is extending the time to review Glenfed’s application to acquire control of University Savings. The FHLBB is expected to take action on the application within 60 days. Under terms of the merger agreement, announced in March and approved by University Savings’ shareholders in July, Glendale-based Glenfed will pay University Savings shareholders about $75 million in cash. University Savings will be operated as a separate subsidiary of Glenfed and will retain its current management, name and headquarters in Seattle.