California's superintendent of banking says a March 12 article distorted the meaning of a statement of his by putting it in the wrong context.

The page 6 story, about the future of California-chartered thrift and loan companies, quoted Conrad Hewitt as saying, among other things, that "thrifts (are) going to have to become a commercial bank one way or another." But Mr. Hewitt says that remark was about federal savings and loan associations, not the state-chartered companies.

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