The sale of Progressive Savings was approved.
Orange County investor James Carter said the Federal Home Loan Bank Board has approved his bid to buy the ailing Alhambra-based savings and loan. Terms of the sale call for Progressive shareholders to receive $1.50 for each of their 4.3 million shares. Carter has also indicated that he will pump $9 million into the S&L; to bring it into compliance with regulatory capital requirements.
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