BANKING

Smith May Purchase and Merge Glenfed, Calfed: Former Security Pacific Corp. Chief Executive Robert H. Smith and former Federal Deposit Insurance Corp. Chairman William M. Isaac are considering a plan to buy and merge Glenfed Inc. and Calfed Inc., according to American Banker. The industry trade newspaper said Smith is trying to raise $700 million to acquire the two ailing thrifts. Merging Glenfed and Calfed would create the nation’s third-largest thrift with assets of about $35 billion. Isaac declined comment on the report; Smith could not be reached for comment.