Far West Corp. Drops Bid for Alhambra S
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Progressive Savings & Loan Assn. lost its third suitor in the past year on Thursday when Far West Financial Corp., the Newport Beach operator of Far West S&L;, said it had called off its proposed acquisition of the troubled Alhambra institution.
Far West said in a prepared statement that it determined that the deal “would not further its long-term objectives.” Spokesman Charles H. Green would not explain further what the company’s objectives are or why Progressive did not fit into its plans.
Officials at Progressive could not be reached for comment.
Far West had offered up to $3 a share for Progressive stock, almost twice what the financially ailing S&L; had been offered in two separate tentative deals last summer.
Progressive, with $486.3 million in assets and 10 branches at the end of 1986, has been operating under regulatory orders to find additional capital. The S&L; lost $2.8 million last year and $9.4 million in the previous two years.
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