BANKING & FINANCE - April 27, 1995
<i> Times Staff and Wire Reports</i>
Glendale Federal Profit Soars: Glendale Federal Bank reported a third-quarter profit of $40.9 million, or 64 cents a share, contrasted with a loss a year ago of $144.0 million, or $4.03 a share. The savings and loan’s latest earnings were fattened by a $29.7-million gain from the previously announced sale of University Savings Bank. Moreover, the year-ago third quarter included a $136.2-million write-off associated with the sale of the bank’s Florida franchise and an $11.5-million gain on a sale of mortgage-backed securities. GlenFed said the improvement reflects lower general and administrative expenses, lower provisions for loan losses and lower losses from operations of real estate acquired in settlement of loans.
