GLENDALE, Calif. - Glenfed Inc. said its subsidiary, Glendale Federal Bank, has agreed with the Office of Thrift Supervision to amend its capital restoration plan.
Under the amended filing, Glendale would increase its core capital to 5% of assets and risk-adjusted capital to 10% by June 30, 1993.
To meet the 5% core ratio, up from 3.1% at March 31, Glendale said it would need to restructure its currently outstanding indebtedness and raise new equity capital from existing and future investors.
Glenfed said the increase in core capital, coupled with ongoing efforts to restructure the balance sheet, should be sufficient to enable it to achieve the 10% risk-based capital objective. The first-quarter level was 6.87%.