Glenfed Cancels Sale of Florida Branches: The thrift called off its previously announced plan to sell 23 of its 60 Florida branches because it no longer needs to raise additional funds to meet tougher capital requirements. Regulators had imposed a Prompt Corrective Action directive requiring higher capital by the end of 1994 but rescinded it last month after Glendale Federal Bank, the nation's fifth-largest thrift, successfully completed a $451-million recapitalization. No buyer for the branches had been found, although several financial institutions had expressed an interest in the offices, most of which are on Florida's west coast.
From Times Staff and Wire Reports
Copyright © 2019, Los Angeles Times