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/
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]