CalFed Inc. may issue up to $19.5...
CalFed Inc. may issue up to $19.5 million worth of its common stock to complete its acquisition of Duval Federal Savings & Loan Assn. of Jacksonville, Fla., according to a filing with the SEC. Under the merger agreement, Duval will be converted from a mutual to a stock form of organization and simultaneously merge into California Federal Savings & Loan, a wholly-owned unit of Los Angeles-based CalFed. As part of the merger, shares of CalFed will be offered to Duval’s deposit holders and certain employees at an estimated $22 each.
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