Former Security Pacific Corp. chief executive Robert H. Smith is floating a plan to raise about $700 million to buy and merge Glenfed Inc. and CalFed Inc., two ailing California thrifts. American Banker has learned.

Mr. Smith is working in partnership with William M. Isaac, a former chairman of the Federal Deposit Insurance Corp., sources said. Mr. Isaac is now managing director of the Secura Group, a Washington, D.C.-based consulting firm.

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