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Glendale, CA-Golden State Bancorp, parent company of Glendale Federal Bank, has agreed to acquire Pasadenabased CenFed Bank in a stock swap valued at $210 million, 1.76 times CenFed's book value as of June 30.
The deal calls for Glendale Fed to offer 1.2 shares of its stock for each CenFed share in a tax-free exchange. Though CenFed has withdrawn from the mortgage business, Glendale vice president Ken Preston said Glendale will introduce mortgage lending into CenFed branches, offering the full...