Citadel Holding Corp. Issues $60 Million in Notes
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Citadel Holding Corp. said it issued $60 million in notes that enabled it to comply with federal thrift capital requirements nearly three years ahead of schedule.
Citadel, the Glendale parent of Fidelity Federal Bank, said it issued the subordinated notes on May 15. They are payable in five equal installments beginning in 1996 and bear an interest rate of 11.68%. Because the notes are unsecured, regulators count the $60 million as capital, which is generally an S&L;’s assets minus its debts.
As a result of the bond issue, Citadel said it had so-called tangible capital--a strict measure of capital--equal to 4.12% of assets. On Jan. 1, 1993, the requirement will be 3%.
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