Glendale Federal Ends New Auto, Boat Loans
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Glendale Federal Bank stopped making new auto and boat loans as of March 4, according to Judy Cunningham, a spokeswoman for the thrift’s parent, Glenfed Inc. The loans “tended to have the least return and the most risk,” Cunningham said.
Glenfed has been restructuring since reporting a $140.8-million loss in its second quarter, ended Dec. 31, 1990. The loss was mainly due to problems in Glenfed’s portfolio of commercial real estate loans.
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