GREAT WESTERN <GWF> OFFERS 2.5 MLN COMMON SHARES
Great Western Financial Corp said
it is offering 2,513,200 common shares at a price of 20.625
dlrs per share.
    The company said the shares are being offered in connection
with the conversion of SunPoint Savings Bank FSB of Lake Worth
Fla to stock from mutual form and its simultaneous merger into
Great Western Bank, a federal savings bank owned by Great
Western Financial.
    Great Western Bank said it has received Federal Home Loan
Bank Board approval to acquire SunPoint Savings, which has
assets of about 730 mln dlrs.
   
    Great Western noted the conversion merger recently won the
approval of 94 pct of SunPoint's members -- a group comprising
the depositors and borrowers of that company. The merger is
expected to be completed by June 25.
    Great Western said depositors and employees of SunPoint
will purchase 56,500 shares of Great Western's common at the
same price in a subscription offering. Proceeds of both the
public and subscription offerings will be contributed to Great
Western Bank and used in its lending operations.
    The offering will be underwritten by Shearson Lehman
Brothers Inc and Goldman Sachs and Co.
 Reuter
