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Citadel Holding Corp., Glendale, the holding company...

Citadel Holding Corp., Glendale, the holding company for Fidelity Federal S&L;, announced net earnings of $4.5 million in the three months ended March 31, considerably less than the $8.0 million in the same 1986 quarter. Current quarter earnings reflect $7.3 million of large and unusual expenses, including a $6-million payment to Great Western Financial Corp. in settlement of a lawsuit pursuant to a disputed merger, and $1.3 million of settlement costs regarding two ex-officers. Earnings for the first quarter of 1986 were affected by $1.6 million of similar unusual expenses relating to Great Western matters. Before such expenses and their tax impact, earnings would have been approximately $8.4 million in the current quarter and approximately $9 million in the 1986 first quarter, the company said.


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