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CALFED INC. TO MEET WITH BONDHOLDERS

 LOS ANGELES, Nov. 20 ~PRNewswire~ -- CalFed Inc. (NYSE: CAL) said today that it has scheduled an informal meeting with holders of its $125 million in convertible subordinated debentures on Tuesday, Dec. 1, 1992, in New York.
 The meeting will begin at 11:00 a.m. EST at the offices of The First Boston Corp., Park Avenue Plaza, 55 East 52nd St., New York.
 At the meeting, the company said it expects to discuss its recently announced (Nov. 3) exchange offer, its recent operating results, and its regulatory status. The chairman of the informal bondholders steering committee and a representative of Houlihan Lokey Howard & Zukin Inc., the financial advisors to the committee, will also address the meeting.
 The bondholders on the informal steering committee who agreed to the terms of the company's exchange offer have also agreed to tender the approximately $47 million in debentures held by them (38 percent of the $122.6 million outstanding).
 The bonds for which the exchange offer is being made are CalFed Inc.'s 6 1~2 percent convertible subordinated debentures due 2001.
 The company said that it is inviting bondholders who cannot attend the meeting to participate by telephone conference call.
 CalFed Inc. is a Los Angeles-based financial services holding company. Its principal subsidiary, California Federal Bank, FSB, provides retail banking services and home mortgage loans through 170 branches in California, Florida, Nevada and Georgia.
 -0- 11~20~92
 ~CONTACT: James F. Hurley, 213-930-9750, or Frank W. Moore, 213-932-4203, both of CalFed~
 (CAL)


CO: CalFed Inc. ST: California IN: FIN SU:

JB-LS -- LA006 -- 3241 11~20~92 08:32 EST
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Publication:PR Newswire
Date:Nov 20, 1992
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