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CALIFORNIA FEDERAL BANK TO OFFER PREFERRED STOCK

 LOS ANGELES, March 2 /PRNewswire/ -- California Federal Bank (NYSE: CAL) today announced it has filed an offering circular with the Office of Thrift Supervision (OTS) for a new public offering of 3 million shares of non-cumulative convertible preferred stock, Series A, with a par value and liquidation preference of $25 per share.
 The bank anticipates that the preferred stock will have an initial offering price of $25 per share. The bank said it expects to receive the net proceeds from the offering prior to the end of the quarter.
 The First Boston Corp. and Smith Barney, Harris Upham & Co. Inc. will underwrite the offering, the bank said. The preferred stock has not yet been rated, the bank added.
 California Federal Bank provides retail banking services and home mortgages through 186 savings and lending offices in California, Florida, Nevada and Georgia.
 An offering circular on Form OC relating to these securities has been filed with the Office of Thrift Supervision but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the offering circular on Form OC becomes effective. This communication shall not constitute an offer to sell or the 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.
 -0- 3/2/93
 /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-JB -- LA014 -- 1903 03/02/93 11:32 EST
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Publication:PR Newswire
Date:Mar 2, 1993
Words:281
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