California Federal Bank

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California Federal Bank
Industry Banking
Fate Acquired by Citigroup
Founded 1945; 74 years ago (1945)
Defunct November 13, 2002; 16 years ago (2002-11-13)
Headquarters San Francisco, California
Total assets $50.680 billion (2002)
Website Edit this on Wikidata
Footnotes / references

California Federal Bank, known as CalFed, was a bank headquartered in Los Angeles, California at 5670 Wilshire Boulevard. It operated 352 branches, most of which were in California. In 2002, the bank was acquired by Citigroup.


The bank was founded in 1926.

In 1994, the bank acquired Cornerstone Savings & Loan after it was shut down by regulators as a result of bank failure.[2]

In 1997, First Nationwide Holdings Inc. acquired the bank and took the California Federal name.[3] Since 1994, First Nationwide Holdings Inc. was owned 80% by Ronald Perelman and 20% by Gerald J. Ford.[4]

In 1998, Golden State Bancorp, the parent of Glendale Federal Bank, acquired the bank and moved the headquarters from Los Angeles to San Francisco.[5]

In 2000, the bank's auto loan subsidiary acquired Downey Auto Finance.[6]

In 2002, Citigroup acquired the bank for $5.8 billion.[7]


  1. ^ "FDIC Bank Info: California Federal Bank (FDIC # 30278)". Federal Deposit Insurance Corporation.
  2. ^ "Sale of Cornerstone S&L to Cal Fed Wins Approval". Los Angeles Times. December 17, 1994.
  3. ^ "Cal Fed, First Nationwide Complete Merger". Los Angeles Times. January 4, 1997.
  4. ^ Sinton, Peter (February 6, 1998). "Glendale Goes Merger Route With Cal Fed". San Francisco Chronicle.
  5. ^ O'BRIEN, TIMOTHY L. (February 6, 1998). "California Merger to Form No. 3 S.& L.d". The New York Times.
  6. ^ "Cal Fed acquires auto finance unit". American City Business Journals. January 24, 2000.
  7. ^ VRANA, DEBORA (May 22, 2002). "Citigroup to Buy Parent of Cal Fed". Los Angeles Times.