Printer Friendly

CALFED EXCHANGE OFFER SUCCESSFUL, RESTRUCTURING APPROVED BY STOCKHOLDERS

 LOS ANGELES, Dec. 16 /PRNewswire/ -- CalFed Inc. (NYSE: CAL) said today that its stockholders and bondholders have satisfied the conditions necessary for a successful exchange offer and restructuring that is expected to add more than $150 million in capital to its principal subsidiary, California Federal Bank, and relieve the company of a $160 million obligation to its bondholders.
 Jerry St. Dennis, the company's chairman and chief executive officer, announced at today's special meeting of stockholders that the required majority of the outstanding shares of stock had been voted in favor of the restructuring proposal and that more than 97 percent of the company's $122.6 million in outstanding debentures had been tendered into the company's exchange offer to bondholders. The Office of Thrift Supervision (OTS) required, among other things, that a minimum of 90 percent of the bonds be tendered in order for the transaction to gain regulatory approval.
 In addition, all regulatory approvals needed to complete the transaction have been received. The company expects the transaction to be completed later today (Wednesday).
 As a result of the successful exchange offer and restructuring, California Federal Bank will significantly exceed the tangible, core and risk-based regulatory capital requirements effective Dec. 31, 1992, and will meet the FDIC definition of an "adequately capitalized" bank which takes effect Dec. 19, 1992.
 CalFed Inc. is a Los Angeles-based financial services holding company. Its principal subsidiary, California Federal Bank, FSB, provides retail banking services and home mortgage loans through 170 branches in California, Florida, Nevada and Georgia.
 -0- 12/16/92
 /CONTACT: James F. Hurley, 213-930-9750, or Frank W. Moore, 213-932-4203, both of CalFed/
 (CAL)


CO: CalFed Inc.; California Federal Bank ST: California IN: FIN SU: RCN

KJ-JB -- LA019 -- 7742 12/16/92 13:09 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 16, 1992
Words:291
Previous Article:FPL ANNOUNCES SALE OF FIRST MORTGAGE BONDS
Next Article:ENVIROMINT HOLDINGS RECEIVES TENDER OFFER FOR ITS STAKES IN HOME-STAKE OIL & GAS AND HOME-STAKE ROYALTY
Topics:


Related Articles
CALFED BEGINS SOLICITATION OF STOCKHOLDERS, BONDHOLDERS
CALFED INC. RECEIVES OTS LETTER
CALFED INC. REPORTS 1991 RESULTS; BANK SUBSIDIARY IN CAPITAL COMPLIANCE AT YEAR-END
CALIFORNIA FEDERAL BANK WILL FILE REVISED CAPITAL PLAN; IMCR MAY BE WITHDRAWN
REGULATORS APPROVE CALIFORNIA FEDERAL BANK CAPITAL PLAN, WITHDRAW INDIVIDUAL MINIMUM REQUIREMENT
CALFED INC. MAKES EXCHANGE OFFER FILING
THREE NEW DIRECTORS JOIN CALIFORNIA

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters