GLENDALE, Calif. - Glendale Federal Bank said it has completed its previously announced sale of $176 million of nonperforming and classified real estate loans and real estate acquired in settlement of loans.

The sale, through Secured Capital Corp., reduced the bank's nonperforming asset total, which includes nonaccrual loans and foreclosed real estate, by $34 million.

On a pro forma basis to reflect the sale, the July 31, nonperforming figure would have been $313 million, or 1.96% of total assets. Glendale Federal reported assets of $16 billion on June 30, down $800,000 from a year earlier.

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