Golden State Bancorp, the parent company of Glendale Federal Bank, announced an agreement Monday to buy Cenfed Financial Corp. of Pasadena, Calif., for $210 million in stock.

For a relatively inexpensive 1.76 times Cenfed's book value, the Glendale Federal organization would add $2.3 billion of assets and $1.54 billion of deposits in its home Southern California territory.

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