Cal Fed Investments Hits One Billion Dollars in Sales.SAN FRANCISCO--(BUSINESS WIRE)--Dec. 1, 1999-- Cal Fed Investments, the investment subsidiary of California Federal Bank California Federal Bank, often abbreviated to "Cal Fed", was a savings and loan bank in California. It existed from 1926 until 2002, when its parent company Golden State Bancorp was acquired by Citigroup, resulting in the bank being merged into Citibank. (Cal Fed), hit the billion dollar sales level for 1999 on Monday, Nov. 29, far exceeding its $701 million sales level for all of 1998. "Achieving the one billion dollar sales level for 1999 is a landmark achievement for Cal Fed Investments," said Carl B. Webb, president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Cal Fed. "This achievement is also significant for our corporation as a whole, and demonstrates the power of our franchise to deliver a broad range of non-deposit financial products to our customers." "With more than 1,000 registered representatives to sell investment products, we bring an unparalleled level of investment knowledge and expertise into the Cal Fed branches," added Deborah Bernot, president of Cal Fed Investments. "The goal of our team was to sell a billion dollars in investments in 1999, and we will well exceed that goal." Cal Fed Investment's deposit profit penetration ratio exceeds 12 basis points, one of the highest in the banking industry. The deposit profit penetration ratio is the company's pre-tax profits from investment sales divided by the company's total deposits. It is a key measure of a depository institution's success at selling investment products to its customers. Cal Fed Investments operates through California Federal Bank's 352 branches in California and Nevada. Registered representatives offer a broad array of investments -- including mutual funds, variable annuities Variable annuities Investment contracts whose issuer pays a periodic amount linked to the investment performance of an underlying portfolio. , fixed annuities Fixed annuities Contracts in which an insurance company or issuing financial institution pays a fixed dollar amount of money per period. and insurance -- and the experience to help clients determine which products will best help them meet their goals. For more information on products and services, see the web site at www.calfedinvestments.com. California Federal Bank is a subsidiary of San Francisco-based Golden State Bancorp Inc., a public holding company which trades on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol GSB GSB Graduate School of Business (Stanford) GSB Graduate School of Business (Chicago) GSB Government of the Student Body (Iowa State University, Ames, IA) . Cal Fed is the second-largest California-based insured depository institution Depository institution A financial institution that obtains its funds mainly through deposits from the public. This includes commercial banks, savings and loan associations, savings banks and credit unions. , with $56 billion in assets. Cal Fed is a full-service community-oriented bank providing personalized service to consumers and businesses. For more information on the companies, see the Cal Fed web site at www.calfed.com and the Golden State Bancorp site at www.goldenstatebancorp.com. |
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