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CALIFORNIA FEDERAL BANK CONFIRMS REVERSE STOCK SPLIT

 LOS ANGELES, Feb. 26 /PRNewswire/ -- California Federal Bank (NYSE: CAL) today said that, as previously announced, the bank's stock will split 1 for 5 effective Feb. 28, 1993. Trading in the bank's stock as of Monday, March 1, 1993, will reflect the reverse split.
 The reverse stock split will reduce the bank's outstanding common shares from approximately 125 million at Dec. 31, 1992, to approximately 25 million shares.
 As part of its successful exchange offer and restructuring in December 1992, the bank issued more than 99 million new shares of common stock, which allowed it to extinguish nearly $150 million in obligations to bondholders and add more than $150 million to its equity capital.
 The bank said that by reducing the number of outstanding shares through a reverse stock split, California Federal Bank's stock is expected to trade at a price high enough to be purchased on margin. Additionally, the higher price is expected to make the stock more attractive to institutional investors.
 California Federal Bank, FSB, provides retail banking services and home mortgages through 170 branches in California, Florida, Nevada and Georgia.
 -0- 2/26/93
 /CONTACT: James F. Hurley, 213-930-9750, or Frank W. Moore, 213-932-4203, both of California Federal Bank/
 (CAL)


CO: California Federal Bank, FSB ST: California IN: FIN SU:

KJ-JB -- LA011 -- 0702 02/26/93 08:00 EST
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Publication:PR Newswire
Date:Feb 26, 1993
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