Printer Friendly

GLENFED, INC. REAFFIRMS COMPANY'S PROGRESS TERMS SPECULATION IRRESPONSIBLE

 GLENFED, INC. REAFFIRMS COMPANY'S PROGRESS
 TERMS SPECULATION IRRESPONSIBLE
 GLENDALE, Calif., Nov. 22 /PRNewswire/ -- GLENFED Inc., (NYSE:GLN), parent company of Glendale Federal Bank, today reaffirmed that the company was ahead of schedule in achieving the goals of its strategic plan and stated that the momentum generated by GLENFED's return to profitability in the most recent quarter is continuing to have a positive impact throughout the company.
 Chairman and Chief Executive Officer Norman M. Coulson and Vice Chairman Stephen J. Trafton stated that, "There has been a rash of misinformation about the company in recent weeks and this situation has been disruptive and disconcerting. The problem seems to go beyond simple inaccuracies, and we are concerned that there may be parties that are irresponsibly circulating rumors and speculation, perhaps in an attempt to advance their own interests.
 Strategic plan improvements in the company's most recent quarter include:
 GLENFED earned a profit of $17 million in the quarter ended Sept. 30, 1991; before-tax profits were up 25 percent from the year- ago quarter; the gain from balance sheet restructuring during the quarter was used to further increase its reserves, and the company's reserve ratios are now the highest among the five largest savings institutions; GLENFED's net interest margin in the most recent quarter was 28 percent higher than a year ago; operating expenses were one-third less than a year ago; and the company's assets to expense ratio has significantly improved.
 "We are successfully implementing what has been called one of the most rapid and comprehensive restructuring efforts in the financial services industry," Coulson and Trafton commented. "GLENFED is profitable, and the bank remains in compliance with all current capital requirements.
 "We are addressing the economic and regulatory challenges before us in a straightforward manner, and misinformation is an unnecessary burden. Therefore, we intend to ask the appropriate securities and banking authorities to investigate the possibility that individuals may be intentionally making misleading statements regarding the company."
 GLENFED Inc. is the parent company of Glendale Federal Bank, the nation's fourth largest savings bank, which operates 214 banking offices in California, Florida and Washington.
 -0- 11/22/91
 /CONTACT: Judy Cunningham, 818-500-2274 or Rosanne O'Brien, 818-500-2824, both of GLENFED; or Maury Healy of Healy & Co., 415-546-6166, for GLENFED/
 (GLN) CO: GLENFED Inc. ST: California IN: FIN SU:


AL -- LA012 -- 6432 11/22/91 13:53 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 22, 1991
Words:392
Previous Article:OIL-DRI REPORTS RECORD SALES FOR FIRST QUARTER OF FISCAL 1992
Next Article:GUINNESS AND ARGYLL AGREE SETTLEMENT OVER DISTILLERS
Topics:


Related Articles
GLENFED REPORTS SECOND QUARTER NET INCOME OF $20.5 MILLION VS. LOSS OF $113.7 MILLION IN SAME PERIOD LAST YEAR
GLENFED NAMES NEW CEO AS CHAIRMAN RETIRES; ANTICIPATES LOSS FOR MARCH QUARTER; EXPECTS TO BE BELOW RISK-BASED CAPITAL REQUIREMENT
GLENDALE FEDERAL BANK TO FILE AMENDMENT TO CAPITAL RESTORATION PLAN
GLENFED INC. REPORTS RESULTS FOR FOURTH FISCAL QUARTER AND FISCAL YEAR ENDED JUNE 30, 1992; RESTATES CERTAIN INTERIM PERIOD RESULTS
GLENFED INC. AND GLENDALE FEDERAL BANK ADD NEW MEMBERS TO HOLDING COMPANY AND BANK BOARDS OF DIRECTORS
GLENFED REPORTS FIRST QUARTER FISCAL 1993 RESULTS
GLENFED REACHES KEY AGREEMENTS TO RESTRUCTURE SECURITIES; ANTICIPATES EXTENTION OF JUNE 30 TARGET DATE TO RAISE CAPITAL
GLENDALE FEDERAL BANK MOVES FORWARD WITH PROPOSED RECAPITALIZATION
GLENFED STOCKHOLDERS APPROVE RECAPITALIZATION; DEBENTURE EXCHANGE OFFER AND PREFERRED STOCK RECLASSIFICATION ACHIEVE REQUIRED ACCEPTANCE LEVELS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters