Royal Trustco Ltd. Agrees to Cut Its Stake in Glenfed

Royal Trustco Ltd., the parent of the insolvent thrift Pacific Savings Bank, agreed with the U.S. Office of Thrift Supervision to reduce to less than 5% its stake in Glenfed Inc., the Glendale-based parent of Glendale Federal Bank. Royal Trustco holds about 9.5% shares of Glenfed stock.