FEDS OK GLENFED-CALFED DEAL.Byline: Deborah Adamson Daily News Staff Writer Making the deal one step away from closing, federal regulators gave the official stamp of approval on a merger between the parent companies of Glendale Federal Bank and 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. , thrift officials said Thursday. 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. gave the green light for Golden State Bancorp in Glendale to be acquired by First Nationwide Holdings Inc. of San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , forming the second-largest thrift in the nation after Washington Mutual “WaMu” redirects here. For the Washington, DC radio station, see WAMU. Washington Mutual (or WaMu; NYSE: WM) is the United States' largest savings and loan association. . The merger will close if shareholders approve the deal Monday. The resulting parent, Golden State Bancorp, will end up with 359 branches after closing a total of 56 locations from both thrifts in November - 33 in the Southland, 18 in Northern California and five in Central California. Eleven branches will close in the San Fernando Valley San Fernando Valley Valley, southern California, U.S. Northwest of central Los Angeles, the valley is bounded by the San Gabriel, Santa Susana, and Santa Monica mountains and the Simi Hills. and Ventura County. All surviving Glendale Federal locations will become California Federal branches. About 800 people, mostly corporate headquarters staff members and executives in Glendale, will be laid off. CAPTION(S): Box BOX: BRANCH CLOSING |
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