Glendale Federal Bank Sells Real Estate Loans

Glendale Federal Bank, a Glendale-based savings and loan, said it has completed the sale of $226 million of non-performing and classified real estate loans.

The thrift, which was so undercapitalized a year ago that it was in jeopardy of a federal seizure, also said it has completed a separate sale of assets that will reduce its non-performing assets and restructured loans by an additional $17.9 million.

The thrift said the proceeds exceeded aggregate book value of the assets sold.

Glendale Federal has 216 offices in California, Florida and Washington.