Fidelity Federal Aims to Raise $110 Million in Capital
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Fidelity Federal Bank, the troubled savings and loan based in Glendale, plans a stock offering and various other financial infusions in which it hopes to raise $110 million in new capital.
Part of the S & L’s plan is to sell 27.5 million shares of Class A common stock and Class C common stock.
The S & L is also trying to dispose of various troubled loans, and as a result it expects to post a $45-million loan portfolio restructuring charge in its fourth quarter.
Because of its problems with its loan portfolio, Fidelity Federal also said it expects to report a loss for the third quarter of 1995.
Even with its latest financial plans, Fidelity Federal said it cannot give assurances that it will meet federal regulatory capital requirements.
The company has continued to reduce its work force and since the end of last year has cut its staff by 23%.
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