BANKING & FINANCE - Oct. 1, 1993
From Times Staff and Wire Reports
CalFed Hires Smith Barney Shearson: California Federal Bank shares closed up $1.625 at $15 per share in NYSE trading after the thrift announced it has hired investment adviser Smith Barney Shearson to explore “how best to maximize shareholder value.” Options include a possible sale of the 183-branch thrift, the nation’s sixth-largest, to an outside financial institution or a bulk sale of problem assets, which as of June 30 represented an alarmingly high 7.45% of CalFed’s $15.9 billion in assets.
