OMAHA, Neb. -- Commercial Federal Corp. plans to file with the Securities and Exchange Commission for a $40.25 million subordinated note offering, including an overallotment option.

As a result, the bank said, the Office of Thrift Supervision has agreed to rescind a capital directive that required issuance of $30 million in subordinated notes, as long as the offering is completed by Dec. 31 and meets certain other conditions.

Commercial is the largest thrift company in Nebraska.

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