GlenFed Inc. has agreed to buy University...

GlenFed Inc. has agreed to buy University Savings Bank of Seattle for $25 per share, or $75 million. In addition, the Seattle company granted GlenFed the option to buy 970,000 newly issued shares, or a 24.4% stake, at the company’s current book value of $18.80 per share if the deal falls through. The deal, endorsed by the boards of both companies, is subject to approval by regulators and University Savings shareholders. University Savings, with a 22-branch network in the Puget Sound area, has assets of about $680 million. GlenFed, the parent of Glendale Federal Savings & Loan Assn., is based in Glendale.