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Article: Glendale Federal may have more time to boost capital; thrift also wins a round in legal hassle with regulators. (Glendale Federal Bank)
- Article from:
- Los Angeles Business Journal
- Article date:
- May 17, 1993
- Author:
CopyrightCOPYRIGHT 1993 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Glendale Federal Bank announced last week that it has filed a plan with the Office of Thrift Supervision to recapitalize and that the regulatory agency "may be willing to extend" its deadline for the thrift to do so beyond June 30.
GlenFed Inc., parent of Glendale Federal, said it "contemplates a series of transactions" to recapitalize the thrift and that the OTS has expressed a "preliminary non-objection" to the plan.
The thrift has been under an order from the OTS to inject $400 million in capital June 30. Glendale Federal does not currently meet federal capital standards and must recapitalize under federal law, or face severe regulatory action, including ...