California Federal Bank Announces Definitive Agreement to Sell Florida Franchise.SAN FRANCISCO, Calif.--(BUSINESS WIRE)--March 30, 1998-- 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. FSB (FrontSide Bus) See system bus. FSB - front side bus (Cal Fed) today announced it has signed a definitive agreement to sell its Florida bank franchise to Union Planters Bank of Florida, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Union Planters Corp. (NYSE NYSE See: New York Stock Exchange :UPC (Universal Product Code) The standard bar code printed on retail merchandise, which is administered by GS1 US, Brussels, Belgium and Lawrenceville, NJ (www.gs1.org). ), for $110 million. Cal Fed's Florida franchise has deposits of approximately $1.5 billion. Gerald J. Ford Not to be confused with former American president Gerald Ford. Gerald J. Ford (born 1945) is a successful Texas banker known for buying and selling thrift banks. Ford bought his first bank in 1975 for $1.2 million and later sold it for a profit of $80 million. , chairman and chief executive officer of Cal Fed, stated: "The sale of the Florida franchise is consistent with our previously stated strategy to focus our energies and marketing efforts in the California and Nevada markets. Our recently announced merger with Golden State Bancorp and Glendale Federal Bank, along with a rapidly improving California economy, will allow us to build significant value for shareholders of the newly combined company. The sale is an integral part of our strategy to rapidly build the tangible book value of the combined company. It is expected to increase pro forma tangible book value by approximately 10 percent, or by $0.55 to $0.60 per share." In February 1998, First Nationwide Holdings and Golden State Bancorp Inc. (NYSE:GSB), parent of Glendale Federal Bank, agreed to merge in a transaction that would create the nation's third laher conditions. It is expected to clos e in the third calendar quarter of 1998. San Francisco-based Cal Janis Tarter, 415/904-1199, media Richard Terzian, 415/904-4661, investors KEYWORD: CALIFORNIA NEVADA FLORIDA INDUSTRY KEYWORD: BANKING |
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