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| industry = [[Bank]]ing
| industry = [[Bank]]ing
| fate = Acquired by [[Citigroup]]
| fate = Acquired by [[Citigroup]]
| foundation = {{start date and age|1945}}
| foundation = {{start date and age|1945}} as California Federal Savings & Loan Association
| defunct = {{end date and age|2002|11|13}}
| defunct = {{end date and age|2002|11|13}}
| location = [[San Francisco, California]]
| location = [[San Francisco, California]]
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==History==
==History==
The bank was founded in 1926 originally as California Federal Savings & Loan Association. In June 1989, California Federal Savings & Loan Association was renamed California Federal Bank.<ref name="lat-1989jun13">{{cite news |url=https://www.latimes.com/archives/la-xpm-1989-06-13-fi-2235-story.html |title=California Federal Changes Name: California Federal Savings... |newspaper=[[Los Angeles Times]] |date=June 13, 1989 |author=<!--Staff writer(s); no by-line.-->}}</ref>
The bank was founded in 1945 originally as California Federal Savings & Loan Association. In June 1989, California Federal Savings & Loan Association was renamed California Federal Bank.<ref name="lat-1989jun13">{{cite news |url=https://www.latimes.com/archives/la-xpm-1989-06-13-fi-2235-story.html |title=California Federal Changes Name: California Federal Savings... |newspaper=[[Los Angeles Times]] |date=June 13, 1989 |author=<!--Staff writer(s); no by-line.-->}}</ref>


In 1994, the bank acquired Cornerstone Savings & Loan after it was shut down by regulators as a result of [[bank failure]].<ref>{{cite news | url=http://articles.latimes.com/1994-12-17/business/fi-9956_1_sale-agreement | title=Sale of Cornerstone S&L to Cal Fed Wins Approval | work=[[Los Angeles Times]] | date=December 17, 1994}}</ref>
In 1994, the bank acquired Cornerstone Savings & Loan after it was shut down by regulators as a result of [[bank failure]].<ref>{{cite news | url=http://articles.latimes.com/1994-12-17/business/fi-9956_1_sale-agreement | title=Sale of Cornerstone S&L to Cal Fed Wins Approval | work=[[Los Angeles Times]] | date=December 17, 1994}}</ref>

Revision as of 00:19, 17 May 2020

California Federal Bank
IndustryBanking
Founded1945; 79 years ago (1945) as California Federal Savings & Loan Association
DefunctNovember 13, 2002; 21 years ago (2002-11-13)
FateAcquired by Citigroup
HeadquartersSan Francisco, California
Total assets$50.680 billion (2002)
Footnotes / references
[1]

California Federal Bank, known as CalFed, was a bank headquartered in Los Angeles, California at 5670 Wilshire Boulevard. It operated 352 branches, most of which were in California. In 2002, the bank was acquired by Citigroup.

History

The bank was founded in 1945 originally as California Federal Savings & Loan Association. In June 1989, California Federal Savings & Loan Association was renamed California Federal Bank.[2]

In 1994, the bank acquired Cornerstone Savings & Loan after it was shut down by regulators as a result of bank failure.[3]

In 1997, First Nationwide Holdings Inc. acquired the bank and took the California Federal name.[4] Since 1994, First Nationwide Holdings Inc. was owned 80% by Ronald Perelman and 20% by Gerald J. Ford.[5]

In 1998, Golden State Bancorp, the parent of Glendale Federal Bank, acquired the bank and moved the headquarters from Los Angeles to San Francisco.[6]

In 2000, the bank's auto loan subsidiary acquired Downey Auto Finance.[7]

In 2002, Citigroup acquired the bank for $5.8 billion.[8]

References

  1. ^ "FDIC Bank Info: California Federal Bank (FDIC # 30278)". Federal Deposit Insurance Corporation.
  2. ^ "California Federal Changes Name: California Federal Savings..." Los Angeles Times. June 13, 1989.
  3. ^ "Sale of Cornerstone S&L to Cal Fed Wins Approval". Los Angeles Times. December 17, 1994.
  4. ^ "Cal Fed, First Nationwide Complete Merger". Los Angeles Times. January 4, 1997.
  5. ^ Sinton, Peter (February 6, 1998). "Glendale Goes Merger Route With Cal Fed". San Francisco Chronicle.
  6. ^ O'BRIEN, TIMOTHY L. (February 6, 1998). "California Merger to Form No. 3 S.& L.d". The New York Times.
  7. ^ "Cal Fed acquires auto finance unit". American City Business Journals. January 24, 2000.
  8. ^ VRANA, DEBORA (May 22, 2002). "Citigroup to Buy Parent of Cal Fed". Los Angeles Times.
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