SAN FRANCISCO -- The board of Glendale, Calif.-based Citadel Holding Corp. has approved a sweeping restructuring plan that includes selling problem assets and spinning off a majority stake in its thrift unit to new investors.

The plan, crafted under pressure from regulators, is aimed at cleaning up loan problems and recapitalizing the thrift, Fidelity Federal Bank. Citadel, which has $4.1 billion in assets, has lost $82 million since 1992.

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