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THREE CALFED INC. DIRECTORS RESIGN

 THREE CALFED INC. DIRECTORS RESIGN
 LOS ANGELES, Dec. 12 /PRNewswire/ -- Three directors have


resigned from the board of CalFed Inc. (NYSE:CAL) within the past week, the company said today.
 Edward M. Benson, 71, vice chairman emeritus of Atlantic Richfield Company, was elected to the board in 1985. The company said Benson's resignation cited his desire to advance his departure from the board six months ahead of his mandatory retirement, in 1992 at age 72.
 Russell H. Green, Jr., 67, an independent natural gas producer and owner of Hoot Owl Creek Vineyards, was elected to the CalFed Inc. board when the company was formed in 1983. Green's resignation cited recent conditions proposed by federal regulators and their probable adverse impact on the role of CalFed Inc. directors, the company said.
 Richard C. Lawton, 64, past president of Transmix Corporation, was elected to the company's board when it was formed in 1983. Lawton cited the increasing intrusion by federal regulators and its effect on the authority of directors, the company said.
 "We regret that we will not have the benefit of the individual and collective wisdom of these board members in the decisive year ahead," said Jerry St. Dennis, chairman and chief executive officer of CalFed Inc. "We accept their resignations with reluctance and understanding."
 The company said its directors had no immediate replacement for Benson, Green and Lawton on the board.
 CalFed Inc. is a $19.1 billion financial services holding company whose principal subsidiary, California Federal Bank, FSB, operates 189 offices in California, Florida, Nevada, Georgia and Arizona.
 -0- 12/12/91
 /CONTACT: James F. Hurley, 213-930-9750, or Rhanda K. Dunn, 213-932-2283, both of CalFed. Inc./
 (CAL) CO: CalFed Inc. ST: California IN: FIN SU: PER


DM-EH -- LA024 -- 2164 12/12/91 17:27 EST
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Publication:PR Newswire
Date:Dec 12, 1991
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