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CALIFORNIA FEDERAL BANK NAMES SMITH BARNEY SHEARSON AS INVESTMENT ADVISOR

 LOS ANGELES, Sept. 30 /PRNewswire/ -- California Federal Bank (NYSE: CAL) has engaged Smith Barney Shearson Inc. as its investment advisor, effective immediately, said Michael W. Arthur, the bank's interim chairman.
 Smith Barney Shearson's responsibilities will be to advise the bank on how best to maximize shareholder value, Arthur said.
 "The Bank's board selected Smith Barney Shearson after interviewing 10 of the best investment banking firms in the country over a two-month period," Arthur commented.
 California Federal Bank, FSB, with approximately $16 billion in assets, is the nation's fifth-largest publicly traded savings institution. The bank operates 183 savings and lending offices in California, Florida, Nevada and Georgia.
 -0- 9/30/93
 /CONTACT: James F. Hurley, 213-930-9750, or Frank W. Moore, 213-932-4203/
 (CAL)


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

EH-JB -- LA016 -- 7201 09/30/93 10:48 EDT
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Publication:PR Newswire
Date:Sep 30, 1993
Words:139
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