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GLENDALE FEDERAL BANK PLANS TO SELL TAMPA AND ORLANDO AREA BRANCHES; BANK WILL RETAIN 37 BANKING OFFICES IN SOUTHEAST FLORIDA

 GLENDALE, Calif., July 2 /PRNewswire/ -- Glendale Federal Bank today said it plans to sell 23 of the 60 banking offices it operates in Florida. The branches to be sold are located in the Tampa/ St. Petersburg and Orlando markets and contain deposits of $1.1 billion.
 Glendale Federal Bank will continue to operate 37 banking offices located in southeast Florida, with $3 billion of deposits. The offices that the bank will retain are concentrated in Broward, Dade and Palm Beach counties.
 Stephen J. Trafton, chairman and chief executive officer, said, "This proposed sale is a part of Glendale Federal's amended capital plan that was approved by the Office of Thrift Supervision last week. In addition to providing additional capital, it reflects our long-term strategy to emphasize the delivery of community banking services in our primary markets of California, Washington State and southeast Florida.
 "Completion of the sale will improve our Florida expense structure and permit a more focused marketing effort in our strongest Florida markets," Trafton added.
 Glendale Federal Bank is the principal subsidiary of GLENFED, Inc. (NYSE: GLN)
 -0- 7/2/93
 /CONTACT: Judy Cunningham, 818-500-2274 or Jeff Misakian, 818-500-2824, both of Glendale Federal Bank/
 (GLN)


CO: Glendale Federal Bank; GLENFED Inc. ST: California IN: FIN SU:

EH-JB -- LA011 -- 8144 07/02/93 12:30 EDT
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Publication:PR Newswire
Date:Jul 2, 1993
Words:217
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