Glendale Federal Bank Sells Real Estate Loans
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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.
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