Cal Fed Bancorp Inc. Stockholders Approve Merger with First
Nationwide
LOS ANGELES, Dec. 16 /PRNewswire/ -- Stockholders of Cal Fed Bancorp Inc , the parent
company of California Federal Bank, FSB, today approved a merger agreement with First Nationwide
Holdings Inc., the parent company of First Nationwide Bank, A Federal Savings Bank.
The transaction, which recently received approval by the Office of Thrift Supervision, is expected to
close during the first quarter of 1997.
At the special stockholders' meeting held in Los Angeles, approximately 73 percent of Cal Fed
Bancorp's shares outstanding voted in favor of the merger proposal.
Cal Fed stockholders will receive a cash payment of $23.50 per common share, for a total purchase
price of approximately $1.2 billion, plus a new security representing a right to participate in a portion
of the net cash proceeds, if any, recovered in California Federal Bank's pending breach-of- contract
lawsuit against the federal government.
The new security is expected to be quoted and traded on the national market of (Nasdaq: CALHZ)
following the close of the transaction. One interest will be distributed for each ten common shares of
Cal Fed Bancorp held at the time of the closing.
For additional information on the new security, investors should consult the Bank's Offering Circular
which is on file with the Office of Thrift Supervision.
Cal Fed Bancorp Inc. is the parent company of California Federal Bank, FSB, one of the nation's
largest savings institutions. The Bank offers retail and business banking services through 129
savings and lending offices in California and Nevada. SOURCE Cal Fed Bancorp Inc.
You can also refer to the 13D that was filed with the SEC at edgar-online.com |
