Citi's - History

Citi's - History

Golden State Bancorp was the holding company of California Federal Bank (Cal Fed). Cal Fed, with $50 billion of assets and 355 branches in California and Nevada, was the third-largest thrift in the United States. Its primary operating subsidiaries were First Nationwide Mortgage Corporation, Cal Fed Investments and Auto One Acceptance Corporation.

Cal Fed resulted from the combination of three strong California-based thrifts. When First Nationwide Bank acquired California Federal Bank in January 1997, the resulting institution kept First Nationwide's San Francisco headquarters, California Federal Bank's name, and both companies' long traditions of outstanding service to customers.

On September 11, 1998, Cal Fed merged with Glendale Federal Bank, another strong California-based company. Golden State Bancorp, Glendale Federal's parent company, became Cal Fed's publicly traded holding company, while the combined bank retained the California Federal name.

Citigroup Inc. acquired Golden State Bancorp on November 7, 2002, adding approximately 1.5 million new Citigroup customers in California and Nevada. Cal Fed merged into Citibank (West), FSB, on November 13, 2002.