California Financial election deadline extended.STOCKTON, Calif.--(BUSINESS WIRE)--May 16, 1997--California Financial Holding Company (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CFHC CFHC California Family Health Council CFHC Caritas Francis Hsu College CFHC Chinatrust Financial Holding Company CFHC Central Florida Health Care CFHC Concord Feminist Health Center CFHC Central Florida Hurricane Center CFHC Community Family Health Center ), the holding company for Stockton Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. , today announced the election deadline for the merger with Temple-Inland has been extended to 5:00 p.m. Pacific Daylight Time on June 9, 1997. The extension was granted due to a delay in the mailing of the package containing Form of Election/Letter of Transmittal and related materials to certain stockholders of California Financial. As a result, stockholders will receive their packages about one week later than they would have otherwise received them. California Financial and Temple-Inland Inc. have therefore agreed to extend the Election Deadline for ALL stockholders. Banks and brokers are requested to convey this information promptly to all shareholders of California Financial. Questions concerning the extension of the election deadline should be directed to the Information Agent, D.F. King at (800) 487-4870. In a separate but related matter, Temple-Inland has received approval from the Office of Thrift Supervision The Office of Thrift Supervision (OTS) was established as a bureau of the Treasury Department in August 1989 as part of a major Reorganization Plan of the thrift regulatory structure mandated by the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) (12 U.S.C.A. to acquire California Financial and merge Stockton Savings Bank with Guaranty As a verb, to agree to be responsible for the payment of another's debt or the performance of another's duty, liability, or obligation if that person does not perform as he or she is legally obligated to do; to assume the responsibility of a guarantor; to warrant. Federal Bank. The stockholders of California Financial had previously approved the acquisition and merger at the company's annual stockholders' meeting on April 28, 1997. The transaction is expected to close on or about June 27, 1997. California Financial is the parent of Stockton Savings Bank, an institution founded in 1887. It currently operates 26 offices throughout the Central San Joaquin Valley Noun 1. San Joaquin Valley - a vast valley in central California known for its rich farmland Calif., California, Golden State, CA - a state in the western United States on the Pacific; the 3rd largest state; known for earthquakes and the Sierra Foothills. The Bank is known as the "hometown bank," offering its customers highly personalized service in the many communities it serves. CONTACT: CALIFORNIA FINANCIAL Morris Knight, 209/547-7612 |
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