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CALIFORNIA FEDERAL BANK COMPLETES PREFERRED STOCK OFFERING

 LOS ANGELES, March 24 /PRNewswire/ -- California Federal Bank (NYSE: CAL) today announced that its new public offering of 3.4 million shares of non-cumulative convertible preferred stock, Series A, has been completed. In addition, the underwriters' over- allotment option of 340,000 additional shares also has been completed, resulting in a total offering of 3.74 million shares, the bank said.
 Demand by institutional and individual investors for the preferred stock was intense, exceeding the offering by more than 5 million shares, the bank said.
 "This enthusiastic reception by the investment community is another clear indication that California Federal Bank has emerged from a major restructuring and is now ready to take on the competition," said Jerry St. Dennis, chairman of California Federal Bank.
 The bank said the net proceeds of $89.3 million from the offering will enable the bank to easily exceed its June 30, 1993, regulatory capital requirements of 5.00 percent core capital and 9.00 percent risk-based capital by March 31, three months ahead of schedule.
 Additionally, the bank said that the successful preferred stock offering, when combined with other capital enhancements planned for the second quarter, may enable it to exceed its January 1995, 5.00 percent core capital and 10.00 percent risk-based capital requirements by June 30, 1993, a full 18 months ahead of schedule. In that case, the terms of the bank's regulatory capital plan would be satisfied and the plan would automatically terminate, the bank said.
 The First Boston Corp. and Smith Barney, Harris Upham & Co. Inc. were the underwriters.
 California Federal Bank, FSB, provides retail banking services and home mortgages through 186 savings and lending offices in California, Florida, Nevada and Georgia.
 -0- 3/24/93
 /CONTACT: James F. Hurley, 213-930-9755, or Frank W. Moore, 213-932-4203, both of California Federal Bank/
 (CAL)


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

JL-MS -- LA011 -- 8960 03/24/93 08:32 EST
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Publication:PR Newswire
Date:Mar 24, 1993
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