SAN FRANCISCO -- Fidelity Federal Bank has completed bulk sales of problem real estate assets, the last phase of a complicated restructuring and recapitalization that saved the Glendale, Calif.-based thrift from failure.

In four separate sales, Fidelity received net proceeds of $338.5 million for 350 loans and 254 foreclosed properties, mainly in Southern California, said Richard M. Greenwood, the thrift's chief executive, in an interview Friday.

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