Gibraltar Financial may pay cash in Florida deal.

The Beverly Hills-based corporation, parent of Gibraltar Savings & Loan, said it will exercise an option to pay the entire $116 million purchase price for First Savings Bank of Florida. But, in approving the deal, the Federal Home Loan Bank Board ruled that no more than 70% could be paid in cash. Gibraltar Financial is seeking a release of that condition and has advised First Savings that it may pull out of the deal if the release is not obtained.