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Golden State Bancorp to Redeem Series A Preferred Stock.

GLENDALE, Calif.--(BUSINESS WIRE)--Aug. 19, 1998--Golden State Bancorp (NYSE:GSB), parent company of Glendale Federal Bank, announced today it is calling for redemption its 8-3/4 Percent Noncumulative Convertible Preferred Stock, Series A (NYSE:GSBPrA), at a price of $26.09375 per share, plus any accrued and unpaid dividends to and including the redemption date. The redemption date is set for October 1, 1998.

Each share of the Series A preferred stock is convertible into 2.404 shares of Golden State Bancorp common stock and 2.404 Litigation Tracking Warrants(tm) (NASDAQ:GSBNZ) at any time prior to the close of business on September 28, 1998.

Holders of the Noncumulative Convertible Preferred Stock, Series A will receive written redemption instructions from Golden State's information agent, ChaseMellon Shareholder Services.

For information regarding either conversion or redemption of the Series A preferred stock, holders should call 1-800-774-5469. For bank and broker inquiries, please call 1-212-273-8080.

Golden State Bancorp, with $19 billion in assets, is the parent company of Glendale Federal Bank -- California's leading community bank, serving the business and consumer banking needs of Californians through 209 banking offices and 25 loan offices. Customers can reach the bank by calling 1-800-41FEDUP, or get information through its Internet site at http://www.glendalefederal.com

CONTACT: Glendale Federal Bank, Glendale

Ken Preston, 818/409-4550

Jeff Misakian, 818/500-2824
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Publication:Business Wire
Date:Aug 19, 1998
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