Many say Cenfed Bank has sold itself cheap to Glendale Federal. Cenfed's chief executive officer says he is lucky to have a deal.

"We felt like there was a shrinking universe of acquirers and now was the right time for us," said D. Tad Lowrey, CEO of the $2.3 billion-asset Pasadena thrift company, in a telephone interview from his office.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.