BANKING & FINANCE - June 24, 1993
From Times Staff and Wire Reports
Glendale Federal Bank Seizure Threat Delayed: The parent of Glenfed got much needed breathing room from the Office of Thrift Supervision, which lifted a June 30 deadline for the thrift to boost its capital--or its cash cushion against future losses. Glenfed has proposed a refinancing plan to raise its capital to satisfactory levels, but probably won’t complete the deal by June 30, when it could have faced government seizure. Glenfed, with about $18 billion in assets, said the OTS also approved the plan and required that the deal be completed by Aug. 31.
