Guess no one else is here
Golden State Bancorp Shareholders Approve Merger With First Nationwide Holdings
GLENDALE, Calif.--(BUSINESS WIRE)--Aug. 17, 1998--Golden State Bancorp (NYSE:GSB), parent company of Glendale Federal Bank, announced today that its shareholders approved the proposed merger with First Nationwide (Parent) Holdings Inc., parent of California Federal Bank FSB. The merger, which received regulatory approval on August 12, 1998, is expected to close on Friday, September 11, 1998.
Approximately 98.4 percent of Golden State's common shares voting on the matter, voted in favor of the transaction at today's special shareholder meeting in Glendale. The agreement calls for current Golden State Bancorp shareholders to own between 55 percent and 58 percent of the combined company. The merged companies will be named California Federal Bank at the operating level and Golden State Bancorp at the holding company level.
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 nearly $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.
Golden State Bancorp, with $19 billion in assets is the parent company of Glendale Federal Bank -- California's leading community bank, serving the business and consumer banking needs of Californians through 209 banking offices and 25 loan offices. Customers can reach the bank by calling 1-800-41FEDUP, or get information through its Internet site at glendalefederal.com. |
