GLENDALE, Calif. -- Glendale Federal Bank said it had completed major elements of its recapitalization that would result in the issuance and sale of $451 million of new equity securities of the bank.

The Glenfed Inc. unit said the recapitalization steps included the previously-reported merger of Glenfed into a unit of Glendale Federal and the exchange offer for Glenfed debentures.

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