CROSSLAND SAVINGS <CRLD>ACQUIRES WESTERN SAVINGS
CrossLand Savings FSB said it has
acquired Western Savings and Loand Co with the assistance of
the Federal Savings and Loan Insurance Corp.
    CrossLand said Salt Lake City based Western has been
combined with its two Florida-based thrift subsidiaries. The
parent company contributed 50 mln dlrs in cash to the resulting
1.7 billion dlr asset subsidiary which will operate under the
name CrossLand Savings FSB with headquarters in Salt Lake City.
    CrossLand said Western, with assets of 400 mln dlrs,
operated 13 branch offices in the states of California, Oregon,
Utah and Washington.
    To facilitate the acquisition, CrossLand said, Western was
converted from a mutual to a stock association in a voluntary
supervisory conversion. Crossland and the FSLIC executived an
assistance agreement indemnifying CrossLand from certain losses
that could occur in connection with Western's loan portfolio.
    The company said James J. Heagerty, chairman and chief
executive officer of CrossLand Savings FSLA in Bradenton, Fla.,
will serve in that capacity for the new subsidiary resulting
from the merger.
    Western's president, Christopher J. Sumner, will be
president of the combined unit, CrossLand said.
 Reuter
