Cal Fed Releases Regional Economic Review: Sees Strong California Housing Market Continuing in 2000.SAN FRANCISCO--(BUSINESS WIRE)--Nov. 5, 1999-- 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. , the principal operating subsidiary of Golden State Bancorp Inc. (NYSE NYSE See: New York Stock Exchange : GSB GSB Graduate School of Business (Stanford) GSB Graduate School of Business (Chicago) GSB Government of the Student Body (Iowa State University, Ames, IA) ), released the first issue of its Regional Economic Review, a quarterly bulletin on economic trends in California and Nevada. According to the report, "The economic climate remains supportive for California real estate." The report cites statistics that indicate that homes are still quite affordable compared to the last cyclical peak of the housing market, and that the state has ample demand for higher levels of new home construction. "This report illustrates the strength of the California economy as we move into the next century," stated Fred Cannon, executive vice president of Cal Fed. "Despite somewhat higher interest rates, California appears poised for another strong year of economic growth in 2000 due to a strong labor market labor market A place where labor is exchanged for wages; an LM is defined by geography, education and technical expertise, occupation, licensure or certification requirements, and job experience , increasing levels of exports, and a high level of new home construction." The report was prepared by Engler & Davis Economics LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , and produced by California Federal Bank. The Regional Economic Review and other material of interest to consumers, businesses, and investors can be found on the Golden State Bancorp and California Federal Bank internet web sites: http://www.calfed.com and http://www.goldenstatebancorp.com. Based in San Francisco, 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 and more than 350 branches in California and Nevada. Cal Fed is a full-service, community-oriented bank serving consumers and business customers. Information contained in this press release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such statements include, without limitation, statements regarding changes in the interest rate environment, housing markets and employment. California Federal Bank and Golden State Bancorp assume no liability to update any such forward-looking statement. |
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