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CALFED INC. CITES CNBC GUEST IN STOCK DROP

 CALFED INC. CITES CNBC GUEST IN STOCK DROP
 LOS ANGELES, Aug. 20 /PRNewswire/ -- CalFed Inc. (NYSE:CAL) said


today that it believes the decline in the price of its common stock on Wednesday, Aug. 19, was due in part to an erroneous reference to the company by a guest on the CNBC program "The Money Wheel."
 The company cited a transcript of the call-in program on which Henry Mercer, III of Castle Financial Services, N.J., advised a caller that California Federal Bank, the company's principal subsidiary, "has been taken over by the OTS," referring to the Office of Thrift Supervision.
 "Mr. Mercer's statement is utterly false and completely unfounded," the company said. "Nothing can be more irresponsible or harmful to a banking institution than for an investment advisor to falsely and carelessly advise a nationwide audience of investors that the institution is in the hands of regulators.
 "Ironically, California Federal Bank has recently reached accord with regulators on its capital targets for June 1993," the company added.
 The company said its stock closed off $0.375 in predominately retail trading, and that it had received numerous calls from anxious investors, bondholders, depositors and employees.
 CalFed Inc. is a Los Angeles-based financial services holding company. Its principal subsidiary, California Federal Bank, FSB, provides home mortgage loans and consumer banking services through 177 offices in California, Florida, Nevada and Georgia.
 -0- 8/20/92
 /CONTACT: James F. Hurley of CalFed, 213-930-9750/
 (CAL) CO: CalFed Inc. ST: California IN: FIN SU:


TS-LS -- LA008 -- 1579 08/20/92 08:34 EDT
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Publication:PR Newswire
Date:Aug 20, 1992
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