California Federal Bank

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California Federal Bank
Industry Banking
Fate Acquired by Citigroup
Founded 1945; 73 years ago (1945)
Defunct November 13, 2002; 15 years ago (2002-11-13)
Headquarters San Francisco, California
Total assets $50.680 billion (2002)
Website web.archive.org/web/19980205083033/http://www.calfed.com/ Edit this on Wikidata
Footnotes / references
[1]

California Federal Bank, known as CalFed, was a bank headquartered in San Francisco, California. It operated 352 branches, most of which were in California. In 2002, the bank was acquired by Citigroup.

History[edit]

The bank was founded in 1945.

In 1994, the bank acquired Cornerstone Savings & Loan after it was shut down by regulators as a result of bank failure.[2]

In 1997, First Nationwide Holdings Inc. acquired the bank and took the California Federal name.[3] Since 1994, First Nationwide Holdings Inc. was owned 80% by Ronald Perelman and 20% by Gerald J. Ford.[4]

In 1998, Golden State Bancorp, the parent of Glendale Federal Bank, acquired the bank and moved the headquarters from Los Angeles to San Francisco.[5]

In 2000, the bank's auto loan subsidiary acquired Downey Auto Finance.[6]

In 2002, Citigroup acquired the bank for $5.8 billion.[7]

References[edit]

  1. ^ "FDIC Bank Info: California Federal Bank (FDIC # 30278)". Federal Deposit Insurance Corporation.
  2. ^ "Sale of Cornerstone S&L to Cal Fed Wins Approval". Los Angeles Times. December 17, 1994.
  3. ^ "Cal Fed, First Nationwide Complete Merger". Los Angeles Times. January 4, 1997.
  4. ^ Sinton, Peter (February 6, 1998). "Glendale Goes Merger Route With Cal Fed". San Francisco Chronicle.
  5. ^ O'BRIEN, TIMOTHY L. (February 6, 1998). "California Merger to Form No. 3 S.& L.d". The New York Times.
  6. ^ "Cal Fed acquires auto finance unit". American City Business Journals. January 24, 2000.
  7. ^ VRANA, DEBORA (May 22, 2002). "Citigroup to Buy Parent of Cal Fed". Los Angeles Times.