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GLENDALE FEDERAL BANK CANCELS PLAN TO SELL FLORIDA BRANCHES

 GLENDALE, Calif., Oct. 6 /PRNewswire/ -- Glendale Federal Bank today said that it is canceling its previously announced plan to sell 23 west coast Florida banking offices.
 Stephen J. Trafton, chairman and chief executive officer, commented, "As a result of the bank's recent successful recapitalization, the Office of Thrift Supervision (OTS) has rescinded its Prompt Corrective Action (PCA) directive, thereby eliminating the necessity to sell our west coast Florida operations to achieve higher capital ratios that had been required under the PCA directive. Retaining these branches will help to strengthen the bank's earnings capacity."
 Glendale Federal Bank will continue to offer community banking services through its 60 Florida banking offices. The 23 branches that were previously offered for sale are located in the Tampa/St. Petersburg and Orlando markets. Glendale Federal operates an additional 37 branches in the southeast Florida counties of Broward, Dade and Palm Beach. The combined deposits of the Florida branches total $4.1 billion.
 Glendale Federal Bank is one of the nation's largest savings institutions, providing community banking services through 215 banking offices in California, Florida and Washington state.
 -0- 10/6/93
 /CONTACT: Judy Cunningham, 818-500-2274, or Maury Healy, 415-546-6166/


CO: Glendale Federal Bank ST: California, Florida IN: FIN SU: TNM

LM-JL -- LA027 -- 9535 10/06/93 18:12 EDT
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Publication:PR Newswire
Date:Oct 6, 1993
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