GLENDALE, Calif. -- Citadel Holding "p. said that after consultations with its advisers from First Boston Corp., it is considering selling its thrift.

The sale of the unit, $4.5 billion-asset Fidelity Federal Bank., to a larger financial institution would provide gains to sharehoder Citadel said in announcing that it will solicit acquisition proposals.

Citadel said it is considering as an alternative, isolating most of its problem assets into a separate structure. This option would leave the bank with a relatively clean balance sheet but would probably entail redistribution of capital and the raising of additional capital.

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