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CALIFORNIA FEDERAL BANK ANNOUNCES DIRECTOR NOMINEES, OTHER PROPOSALS FOR ANNUAL MEETING OF SHAREHOLDERS

 LOS ANGELES, Feb. 18 /PRNewswire/ -- California Federal Bank (NYSE: CAL) today said that its shareholders will vote on five proposals at its 1993 Annual Meeting of Shareholders on Wednesday, March 31, 1993, at 2 p.m. at the Beverly Hilton Hotel, 9876 Wilshire Blvd., Beverly Hills, Calif.
 The record date for shareholders eligible to vote at the meeting is the close of business on Feb. 17, 1993.
 At the meeting, shareholders will be asked to elect nine directors, to approve an employee stock incentive plan and a non- employee director stock option plan, to approve an amendment to the bank's charter permitting issuance of capital stock without the need to obtain specific shareholder approval, and to approve an amendment to the bank's charter giving its board of directors the authority to accelerate the May 1, 1993, conversion date of the bank's Class C common stock into Class A common stock. Management will also present a report on the operations and activities of the bank.
 Under terms of the recent successful restructuring of California Federal Bank, the bank's entire board of directors must be elected at the March 31, 1993, annual meeting, with nine directors to be elected for staggered three-year terms. In accordance with procedures previously approved by the bank's shareholders, 12 candidates have been nominated to stand for election to the bank's board.
 Lew E. Coppersmith, Murray H. Hutchison, Lilly V. Lee, Arthur M. Schmutz and Welcom C. Watson, all previously directors of the bank, have decided not to stand for reelection to the bank's board and have submitted their resignations.
 "These five directors, who have served the bank well beyond any director's obligation, have made large personal sacrifices of time and energy over the past year in particular," said Jerry St. Dennis, chairman of California Federal Bank. "With them goes our lasting gratitude.
 "At the same, we are looking forward to exploring the new ideas and considerable experience of the bank's new outside directors in the years to come," St. Dennis added.
 Nominees for the three directorships expiring in 1994 are: Jerry St. Dennis, chairman of the bank, William L. Callender, president and chief executive officer of the bank, and James J. Gaffney. Gaffney was elected a director of the bank earlier in 1993. He is a management consultant specializing in turn-around situations. He was president of International Tropic-Cal Inc., an optical products distributor from 1991 to 1992. From 1989 to 1991 he was a management consultant to privately held companies in the visual display and decorative accessories industries. From 1988 to 1989 he was chairman and chief executive officer of Ayers/Chairmakers Inc., a furniture products manufacturer. From 1986 to 1988 he was chairman and chief executive officer of Brown Jordan Co., a furniture and lighting products manufacturer.
 Nominees for the three directorships expiring in 1995 are:
 Scott L. Adair, a tax accountant with the Los Angeles accounting and business management firm of London and Lichtenberg Inc. From 1989 to 1992 he was with Parks, Palmer, Turner and Yemenidjian, a tax and business management company. From 1988 to 1989 he was with KPMG-Peat Marwick. He is the grandson of J. Howard Edgerton, the founder of the bank.
 J. Kimball Dietrich, Ph.D., a professor of finance and economics at the Business School at the University of Southern California, which he joined in 1979. He has been a consultant to the U.S. Treasury Department and numerous financial institutions. His professional research has focused on the measurement and management of risk of banks and savings and loans and the sources of profitability for financial firms.
 David Gilbert, Ph.D., elected a director of the bank earlier in 1993. He is senior vice president and director of financial industry consulting at Logica North America and its predecessor, Banking Decision Systems, which he founded, since 1986. Previously he was director of banking services at Data Resources Inc.
 Carl A. LoBue, president and founder of LoBue Associates Inc., a New Jersey management consulting firm specializing in consulting to financial institutions. Before founding LoBue Associates Inc. in 1981, he was a senior vice president in the commercial services division of Crocker National Bank from 1979 to 1981. Prior to that he was with Citibank, N.A. for nine years.
 Thomas F. Michels, chief executive and owner of Odessa Packaging Services Inc., a Delaware corporation he acquired in 1990. From 1988 to 1990 he provided consulting services to financial institutions, specializing in loan workouts and consumer collection operations. From 1986 to 1988 he was a group executive at Marine Midland Bank. From 1984 to 1986 he was president, chief operating officer and director of Empire of America Affiliates, a diversified, 12-company financial services holding company. Prior to that he was senior vice president of Chemical Bank in the lending and leasing area and president of Chemical's largest non-bank subsidiary. He was with Chemical for 16 years.
 Anita M. Volkomer, president of Bank Compliance Associates Inc., a management consulting firm specializing in financial institution regulatory compliance. Prior to founding Bank Compliance Associates in 1992, she was vice president and manager of compliance for Security Pacific Corp. from 1987 to 1992.
 Nominees for the three directorships expiring in 1996 are:
 Robert S. Apfelberg, managing director of Commerce Partners, a business reorganization and financial restructuring consulting firm he founded in 1985. He has worked since then with troubled real estate projects and developers as well as manufacturing, service and sales entities. During 1984 and 1985 he practiced business reorganization and insolvency law with Stutman, Treister & Glatt, Los Angeles, and, during 1983 and 1984, real estate law with Rifkind, Sterling and Levin, also in Los Angeles. Prior to 1983 he was in the mortgage banking business in Los Angeles for over 10 years.
 Michael W. Arthur, elected a director of the bank earlier in 1993. He is president of Michael Arthur & Associates, a management consulting firm specializing in strategic planning, business development, and marketing. From 1986 to 1990 he was executive vice president and chief financial officer of Sizzler Restaurants International Inc. From 1984 to 1986 he was executive vice president of Pinkerton Security and Investigation Services Inc.
 John F. Davis, an attorney specializing in financial institution regulation and real estate. From 1990 to 1992 he was of counsel with Griffinger, Freed, Heinemann, Cook & Foreman, a San Francisco law firm. He was a consultant to Hamilton Savings Bank during 1990. In 1989 he was executive vice president of Mountain South Development Co., a real estate development company in Redwood City, Calif. From 1981 to 1988 he was a partner in the law firm of McKenna, Conner & Cuneo in the San Francisco office.
 Separately, the bank announced that Albert Fried Jr., managing partner of Albert Fried & Co., a New York Stock Exchange broker- dealer, has joined the bank's board until the March 31, 1993, election of new directors. Fried is also managing partner of Buttonwood Specialists, L.P., a specialist firm on the New York Stock Exchange. Additionally, Fried is chairman of Portec Inc., a manufacturer of engineered products for the construction equipment, materials handling and railroad industries. He was a large bondholder of CalFed Inc. prior to the company's restructuring in December 1992, and now holds a substantial position in the stock of California Federal Bank.
 California Federal Bank, FSB, provides retail banking services and home mortgages through 170 branches in California, Florida, Nevada and Georgia.
 -0- 2/18/93
 /CONTACT: James F. Hurley, 213-930-9750, or Frank W. Moore, 213-932-4203, both of California Federal Bank/
 (CAL)


CO: California Federal Bank ST: California IN: FIN SU: PER

JL-JB -- LA025 -- 7677 02/18/93 08:33 EST
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