The Office of Thrift Supervision last week won a billion-dollar gamble on one of the thrift industry's long shots, the struggling Glendale Federal Bank.

June 30 was the date regulators had set for Glendale, the nation's fifth-largest thrift, to raise capital or face the possibility of seizure. But when that summer day rolled around, the OTS took a different, more risky course - it extended the deadline for the money-losing, undercapitalized thrift to Aug. 31.

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