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Glendale Federal Bank To Acquire OneCentral Bank
PR Newswire
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August 28, 1996
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COPYRIGHT 1996 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group.
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GLENDALE, Calif., Aug. 28 /PRNewswire/ -- Glendale Federal Bank (NYSE: GLN) announced today that it has entered into an agreement to acquire OneCentral Bank in a cash transaction valued at $11.4 million.
Under terms of the agreement, Glendale Federal will pay $9.50 per share for the outstanding common shares of OneCentral Bank, equivalent to 1.8 times OneCentral's book value. The agreement is subject to regulatory and other approvals and is expected to close in early 1997. When completed, OneCentral will become a wholly owned subsidiary of Glendale Federal.
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