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CALIFORNIA FEDERAL BANK ANNOUNCES PRICING ON SALE OF SUBSIDIARY

 LOS ANGELES, April 28 /PRNewswire/ -- California Federal Bank, (NYSE: CAL) today announced that the sale of its consumer finance subsidiary, California Thrift and Loan, is closer to completion with the pricing today of an initial public offering of 3.0 million shares of common stock of CTL CREDIT INC. (NASDAQ: CTLI) at $11.00 per share. CTL CREDIT INC. is a newly formed company that will use the proceeds of the offering to purchase all the outstanding stock of California Thrift and Loan.
 Settlement date for the offering is Wednesday, May 5, 1993.
 Montgomery Securities of San Francisco is the underwriter for the offering. CTL CREDIT INC. granted Montgomery an option to purchase up to 450,000 additional shares of the offering to cover over- allotments, the bank said.
 California Thrift and Loan is a 34-year old FDIC-insured thrift and loan with 17 offices throughout California. CTL CREDIT INC. will offer automobile, real estate and lease financing in the western United States through the 17 California offices and seven offices in Arizona, Colorado, New Mexico, Oregon and Texas.
 California Federal Bank FSB, with approximately $17 billion in assets, is the nation's fifth-largest publicly traded savings institution. The bank provides retail banking services through 182 savings and lending offices in California, Florida, Nevada and Georgia.
 This news release does not constitute either an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. The offering will be made only by the prospectus. Copies of the prospectus may be obtained from Montgomery Securities.
 -0- 4/28/93
 /CONTACT: James F. Hurley, 213-930-9755, or Frank W. Moore, 213-932-4203, both of California Federal/
 (CAL)


CO: California Federal Bank; California Thrift and Loan; CTL CREDIT
 INC. ST: California IN: FIN SU:


KJ -- LA046 -- 2250 04/28/93 16:24 EDT
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Publication:PR Newswire
Date:Apr 28, 1993
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