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CALFED TO MEET WITH BONDHOLDERS

 CALFED TO MEET WITH BONDHOLDERS
 LOS ANGELES, July 15 /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 Wednesday, July 29, 1992, in New York.
 The meeting will begin at 1:30 p.m. at the offices of The First Boston Corp., Park Avenue Plaza, 55 East 52nd St., New York, N.Y.
 At the meeting, the company said it expects to discuss its recent operating results, review its regulatory status and begin the organizational process through which it expects to communicate with bondholders on the exchange offer.
 The proposed exchange offer is a major component of the revised capital plan the company announced July 1, 1992. The revised plan is expected to be submitted to regulators for approval before July 31, 1992. The company said the Office of Thrift Supervision (OTS) will require the company to complete the exchange offer to bondholders by Dec. 31, 1992.
 The bonds for which the exchange offer will be proposed are CalFed Inc.'s 6 1/2 percent convertible subordinated debentures due 2001.
 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 179 branches in California, Florida, Nevada and Georgia.
 -0- 7/15/92
 /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: AL -- LA019 -- 9546 07/15/92 12:32 EDT
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Publication:PR Newswire
Date:Jul 15, 1992
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