Day Care Center To Buy Out American S&L For $138 Million
MIAMI (AP) _ A major day-care provider is financing the $138 million buyout of Miami- based American Savings and Loan Association, the thrift’s chairman said Wednesday.
Kinder-Care Inc., which operates day care centers in the United States and Canada, owns Centerbanc Savings Association of St. Petersburg.
American Savings has entered a tentative agreement with the two firms under which the parent and subsidiary would pay $17 per share in cash for about 8.1 million American Savings shares, said Morris Broad, chairman of American Savings’ board of directors.
American, with assets of some $3.1 billion and 41 branches, is Florida’s fourth-largest savings and loan association, Broad said. Centerbanc has about $600 million in assets, he said.
A final agreement is expected within 30 days, Broad said.