CHARTER FEDERAL &lt;CHFD>, JEFFERSON TO MERGE

  Charter Federal Savings and Loan
  Association of Bristol, Va., said it has agreed to acquire
  Jefferson Savings and Loan Association of Warrenton, Va.
      Under terms of the transaction, which would result in a 1.3
  billion dlr thrift institution, stockholders of Jefferson will
  get 30.50 dlrs per share, half in cash and half in shares of
  Charter.
      The resulting association will operate under the name of
  Charter and will be based in Bristol.
      The transaction is valued at about 16.3 mln dlrs, a
  Jefferson spokesman said.
      Charter said the merger is subject to approval of the
  Federal Home Loan Bank Board.
      Jefferson reported a 1.5 mln dlrs loss and assets of 360
  mln dlrs for the year ended September 30, 1986.
      For the year ended June 30, Charter reported net income of
  7.9 mln dlrs. Assets totaled about 844.0 mln dlrs as of
  December 31.
  

