Printer Friendly

CALFED INC. RECEIVES OTS LETTER

 CALFED INC. RECEIVES OTS LETTER
 LOS ANGELES, Nov. 14 /PRNewswire/ -- CalFed Inc. (NYSE: CAL),


whose principal subsidiary is California Federal Bank, announced today that, as expected, it had been notified by the Office of Thrift Supervision (OTS) of the regulator's intention to call upon CalFed Inc. for a capital contribution in the event the bank does not meet certain proposed individual minimum capital requirements if they are imposed.
 The regulatory letter follows by a week the OTS proposal that California Federal Bank add $375 million to its equity capital. The bank indicated in its Nov. 6 announcement of the proposal that it expected the OTS to seek to require CalFed Inc. to contribute capital to the bank in the event the proposal became effective.
 The letter notified CalFed Inc. that the OTS intends to submit a claim to CalFed Inc. for a contribution to the bank's capital pursuant to various net worth maintenance stipulations previously furnished by CalFed Inc. The letter requests that CalFed Inc. preserve its assets and make such assets available to the bank upon demand of the OTS. The letter purports to direct CalFed Inc. not to transfer any of its assets except for the performance of contractual obligations, the payment of normal business expenses, and actions taken in the ordinary course of business.
 CalFed Inc. said that it will respond to the OTS both with regard to the proposed increased capital requirement, which the company has termed excessive, and to the regulatory letter.
 -0- 11/14/91
 /CONTACT: James F. Hurley, 213-930-9750 or Rhanda Kahawaii Dunn 213-932-2283, both of CalFed Inc./
 (CAL) CO: CalFed Inc. ST: California IN: FIN SU: SE -- LA006 -- 4245 11/14/91 08:15 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 14, 1991
Words:283
Previous Article:LARSON-DAVIS INFORMATION SYSTEMS ESTABLISHES RELATIONSHIP
Next Article:SOUTHERN NATIONAL, WORKMEN'S BANCORP AGREE TO MERGE
Topics:


Related Articles
CALIFORNIA FEDERAL BANK REPORTS OTS PROPOSAL FOR INDIVIDUAL CAPITAL REQUIREMENT
CALFED INC. REPORTS 1991 RESULTS; BANK SUBSIDIARY IN CAPITAL COMPLIANCE AT YEAR-END
BFC BANKORP ANNOUNCES OTS EXAMINATION PRELIMINARY RESULTS
CALIFORNIA FEDERAL BANK SUBMITS CAPITAL PLAN, FILES SUIT TO RECOVER GOODWILL
CALIFORNIA FEDERAL BANK WILL FILE REVISED CAPITAL PLAN; IMCR MAY BE WITHDRAWN
GLENDALE FEDERAL BANK TO FILE AMENDMENT TO CAPITAL RESTORATION PLAN
REGULATORS APPROVE CALIFORNIA FEDERAL BANK CAPITAL PLAN, WITHDRAW INDIVIDUAL MINIMUM REQUIREMENT
CALFED EXCHANGE OFFER SUCCESSFUL, RESTRUCTURING APPROVED BY STOCKHOLDERS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters