OTHER NEWS - March 3, 1993

California Federal Bank to Sell Stock: The thrift said it will issue 3 million new preferred shares to raise $75 million in equity. If successful, the offering should leave the $17-billion-asset thrift well in excess of minimum federal capital rules that take effect June 30. Calfed, which recently persuaded its bondholders to convert their securities into equity under a plan to assure its survival, had expected to be $25 million to $40 million short of June capital requirements. Thus, the $75-million preferred stock offering would provide excess capital, which may allow Calfed to avoid additional asset sales. Analysts say the stock should carry a dividend yield of about 5%. The sale is expected this month.