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CAL FED DENIES MERGER RUMOR

 LOS ANGELES, Feb. 24 /PRNewswire/ -- California Federal Bank (NYSE: CAL) said today that there was no substance whatsoever to a newspaper report that it is exploring a merger.
 A story in today's edition of USA Today said that Cal Fed and GlenFed Inc. "could soon explore a marriage."
 "This is a recycled rumor that has been around for years; it's pure speculation," said Jerry St. Dennis, chairman of Cal Fed. "Cal Fed is well on its way with its own very successful restructuring," he added.
 California Federal Bank, FSB, provides retail banking services and home mortgages through 170 branches in California, Florida, Nevada and Georgia.
 -0- 2/24/93
 /CONTACT: James F. Hurley, 213-930-9750, or Frank W. Moore, 213-932-4203, both of Cal Fed/
 (CAL GLN)


CO: California Federal Bank; GlenFed Inc. ST: California IN: FIN SU: TNM

KJ -- LA023 -- 9969 02/24/93 14:08 EST
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Publication:PR Newswire
Date:Feb 24, 1993
Words:146
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