Anaheim developer James A. Carter has won state approval to purchase a financially troubled Alhambra savings and loan, leaving only the S&L's nearly 1,000 shareholders to approve the buy-out.
But shareholders of Progressive Savings & Loan Assn. will get a choice between Carter and an 11th-hour bidder, Van Greenfield and his Greenfield Partners, a New York investment firm, Progressive Chairman Jim Hennis said.
Hennis said directors are not expected to state a preference on which deal they believe shareholders should accept. The stockholders will meet in early August.
Carter, who heads the Spruce Grove Inc. construction company, already has been cleared by federal regulators for his offer of about $6.4 million, or about $1.50 a share, for all the outstanding stock in the S&L.