GLENDALE, Calif. -- Glendale Federal Bank said it had completed major elements of its recapitalization that would result in the issuance and sale of $451 million of new equity securities of the bank.
The Glenfed Inc. unit said the recapitalization steps included the previously-reported merger of Glenfed into a unit of Glendale Federal and the exchange offer for Glenfed debentures.
Glendale said it also had completed the reclassification of the bank's outstanding preferred stock and the issuance and sale of $201 million of the new series E preferred stock of the bank.
