Golden State (GSB) formerly Glendale Savings Message Board

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Non-Tech : Golden State (GSB) formerly Glendale Savings

GSB 9.480

0.0%

Aug 28 5:00 PM EST

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To: Paul Lee who wrote ()	8/13/1998 1:56:00 PM
From: Paul Lee	of 75

So why did Trafton sell his whole position OTS Approves Merger of Golden State Bancorp and First Nationwide Holdings GLENDALE, Calif.--(BUSINESS WIRE)--Aug. 13, 1998--Golden State Bancorp Inc. (NYSE:GSB), parent company of Glendale Federal Bank, announced today that the Office of Thrift Supervision has approved its merger with First Nationwide (Parent) Holdings Inc., parent of California Federal Bank FSB. Golden State Bancorp and First Nationwide (Parent) Holdings announced plans to merge on February 5, 1998. The merged companies will be named California Federal Bank at the operating level and Golden State Bancorp at the holding company level. As previously announced, Golden State has scheduled a special meeting of shareholders for August 17, 1998 to approve the merger agreement. Golden State Chairman and Chief Executive Officer Stephen J. Trafton commented: "We are on the verge of uniting two of California's leading institutions to form the second largest thrift in the nation and the fourth largest depository institution in California with more than 6 percent of the state's deposits. Once the merger is complete, our shareholders will own a majority stake in a much larger company that is expected to generate a larger cash earnings stream and offer a broader array of services to a larger customer base. The new California Federal Bank will be in a stronger position to compete with the larger banks operating in our state." The new Golden State Bancorp will have pro forma assets of approximately $52 billion, deposits of $28 billion, stockholders' equity of $2.3 billion and the seventh largest mortgage servicing portfolio in the country at over $100 billion. It will operate through 359 branches and one of the state's largest ATM networks. The new company will be a leading in-state provider of consumer, business and mortgage banking services.

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