GLENDALE, Calif - Glendale Federal Bank said it has started soliciting the consents needed to approve the reclassification of its 12% noncumulative perpetual preferred stock into a new series D noncumulative convertible preferred.

Each 100 shares of the Glenfed Inc. unit's series B and series C perpetual preferred would be converted into 24 shares of series D. The par value will be $1 and the liquidation preference $25 a share.

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