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Citi's History

Golden State Bancorp Inc. & California Federal Bank

The timeline below represents the history of this business until it became a part of the Citigroup family.

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.

The First Nationwide Story

1885
Citizens Building & Loan Association opens its doors on January 14, on California Street in San Francisco. Assets are $50,000. During the next several decades, the company has many firsts.

1906
Citizens' quake- and fire-ravaged offices resume business within three weeks after the San Francisco earthquake.

1935
Granted a federal charter, Citizens changes its name to Citizens Federal Savings and Loan Association.

1945
Citizens Federal makes the first G.I. home loan in California to a returning World War II veteran.

1955
The first branch is opened in the Stonestown neighborhood of San Francisco.

1962
First Federal of San Jose and Citizens merge. Assets rise to $200 million.

1973
Citizens merges with United Savings and Loan, and a holding company, United Financial Corporation of California, is formed.

1980
United Financial Corporation is acquired by National Steel Corporation.

1981
Renamed First Nationwide Savings, Citizens becomes the first savings and loan to cross state lines in a federally assisted acquisition of failed savings and loans in Florida and New York. Year-end assets total $6.9 billion.

1985
First Nationwide Financial Corporation is purchased by Ford Motor Company from National Steel. Branches are acquired in Hawaii. First Nationwide Savings celebrates 100 years with 177 branches in four states and assets of $11.6 billion.

1986
First Nationwide Savings becomes First Nationwide Bank, A Federal Savings Bank, and begins acquiring branches in the Midwest and East.

1994
In the largest acquisition in savings and loan history, First Madison Bank of Dallas, Texas, acquires First Nationwide Bank. First Madison changes its name to First Nationwide Bank. A subsidiary, First Nationwide Mortgage Corporation, separate from First Nationwide Bank's mortgage division, is formed.

First Nationwide sells its Illinois branch network to Household Bank.

First Nationwide Mortgage Corporation acquires the residential loan servicing operations of the former Standard Federal Savings Association of Frederick, Maryland, and the servicing portfolio and other assets of Lomas Financial Corporation. First Nationwide Mortgage moves its mortgage servicing operations to Maryland; it becomes one of the largest single-site servicers of mortgage loans in the United States. The mortgage corporation originates mortgage loans, primarily on a wholesale basis, in 47 states.

First Nationwide Bank begins concentrating its branch network in California, agreeing to sell branches in Ohio, Michigan, New York and New Jersey. It acquires $13 million in deposits from East-West Federal Bank, Tiburon, California (in April); three retail branches from ITT Federal Bank, Orange County, California (August); and four Sonoma County retail branches of Citizens Federal Bank (December).

1996
FNMC purchases Lomas Mortgage's remaining loan-servicing portfolio, a master servicing portfolio, foreclosed real estate, other servicing receivables, mortgage loans and other assets.

First Nationwide purchases

February 1: SFFed Corp. and its 35-branch San Francisco Federal Savings and Loan Association savings subsidiary

June 3: Home Federal Financial Corporation and its Home Federal Savings and Loan Association of San Francisco subsidiary

First Nationwide sells

Seven upstate New York branches to Middletown Savings Bank

Three Manhattan branches to Republic National Bank of New York

Five Staten Island/Brooklyn branches to Independence Savings Bank

Eleven Long Island branches: 10 to North Fork Bancorporation; one to Provident Savings Bank

Four New Jersey branches to Midlantic Bank

The Ohio branches to Fifth Third Bank of Northeastern Ohio

The Michigan branches to Charter One Financial

1997
In January, First Nationwide Holdings purchases California Federal Bancorp and its banking subsidiary, $14-billion-asset, California Federal Bank, adding approximately $14.1 billion in assets, $8.9 billion in deposits and 119 retail branches to the merged bank.

The merger creates one of the five largest savings and loans in the country and the “new” California Federal Bank. First Nationwide is merged with and into California Federal Bank, and changes its name to California Federal Bank. The “new” Cal Fed is the third-largest thrift in California and the fourth-largest thrift in the country.

California Federal Bank

1926
Railway Mutual Building and Loan Association begins operations in Los Angeles, serving employees of the Los Angeles Pacific Electric Railway system.

1936
Following passage of New Deal legislation creating the Federal Home Loan Bank System, the tiny, stock-owned financial institution reorganizes as a federally chartered savings and loan association and is renamed Railway Federal Savings and Loan Association.

1937
It adopts the name California Federal Savings and Loan Association.

1954
Its first branch office is in Reseda, California. Assets are $100 million.

1959
California Federal merges with Standard Federal Savings and Loan Association to become the largest federally chartered mutual savings and loan in the nation.

1963
Assets surpass $1 billion.

1966
First Federal Savings and Loan Association of Alhambra is acquired.

1970s
Assets reach $2 billion in 1971. The first branch office outside Greater Los Angeles is opened, in San Diego, in 1972, and Victoria Savings of Riverside is acquired. In 1973, First Pueblo Federal Savings and Loan Association of San Jose is acquired. The first branch in Northern California is opened. Acquisitions of California branches and savings and loans continue throughout the seventies.

1979
Cal Fed becomes the first federal savings and loan to offer variable-rate mortgages. Assets are $6 billion.

1982
Cal Fed completes the first interstate thrift merger with acquisitions of Florida and Georgia thrifts. It continues its California expansion, merging with Santa Ana First Federal and other associations throughout the 1980s. Assets are $10 billion.

1983
A holding company, CalFed Inc., is established. California Federal converts to stock ownership in the largest conversion in savings and loan history.

CalFed enters the Nevada market through the acquisition of Family Savings.

1986
The Georgia branches are sold.

1989
California Federal Bank is the new name of California Federal Savings and Loan. Assets reach $26.2 billion.

1992
CalFed Inc. merges into a subsidiary of the bank, and California Federal Bank becomes the publicly traded company.

1993
California Federal sells its Florida branches and its Southeast Division branch network in order to focus on core West Coast operations.

1994
The Florida and Southeast Division branch networks are sold. Approximately $195 million in new common equity is raised and 1.5 million shares of preferred stock are issued. Assets are $14.2 billion.

On September 30, First Madison acquires substantially all the assets and certain liabilities of First Nationwide Bank. First Madison changes its name to First Nationwide Bank and forms a separate mortgage subsidiary, First Nationwide Mortgage Corporation.

1995
The bank issues to its stockholders a new security representing the right to receive a portion of the cash proceeds, if any, resulting from its pending lawsuit against the federal government.

1996
Cal Fed Bancorp Inc., the bank's new parent company, becomes the publicly traded company.

1997
Cal Fed Bancorp and its banking subisidary, California Federal Bank, are acquired by First Nationwide Holdings. First Nationwide Bank is merged into California Federal Bank and changes its name to California Federal Bank.

The “new” California Federal Bank keeps First Nationwide's San Francisco headquarters. It is the third-largest thrift headquartered in California and the fourth-largest thrift in the country, operating 227 retail branches and 272 ATMs in four states (California, Florida, Nevada and Texas). First Nationwide Mortgage Corporation originates mortgage loans in 44 states.

1998
On September 11, Cal Fed merges with Glendale Federal Bank. Glendale Federal's parent company, Golden State Bancorp, becomes Cal Fed's publicly traded holding company. The combined bank retains the California Federal name.

2002
On November 7, 2002, Golden State Bancorp and Cal Fed are acquired by Citigroup Inc. Cal Fed is merged into Citibank (West), FSB, effective November 13, 2002.

Glendale Federal Bank

1934
Glendale Federal is founded as First Federal Savings and Loan Association of Glendale, California.

1950s through 1980s
Glendale Federal is one of the first federally chartered savings institutions to establish branch offices in the 1950s. The growth of its banking offices is accelerated through 14 mergers between 1959 and 1989.

1998
On September 11, Glendale Federal and Cal Fed merge. Glendale Federal's parent company, Golden State Bancorp, becomes Cal Fed's publicly traded holding company. The combined bank retains the California Federal name.

First Gibraltar Bank

1988
First Gibraltar Bank is founded by Gerald J. Ford and MacAndrews & Forbes Holdings. Ford becomes Chairman and CEO of the new company.

First Gibraltar Bank is organized and chartered as a federal stock savings bank to acquire substantially all the assets of, and to assume deposits and certain liabilities of, five insolvent Texas savings and loan associations from the Federal Savings and Loan Insurance Corporation Resolution Fund (the RTC).

On December 28, the thrifts and 116 branches are acquired to form First Gibraltar Bank of Irving, Texas: First Texas Savings, Dallas; Gibraltar Savings, Houston; Home Savings, Houston; Montfort Savings, Dallas; and Killeen Savings & Loan, Killeen.

1990
First Gibraltar purchases three thrifts from the RTC:

San Antonio Savings (San Antonio, Texas, March 9)
Plano Savings & Loan (Plano, Texas, June 15)
Sooner Federal (Tulsa, Oklahoma, September 14)

1992
First Gibraltar Mortgage Holdings, Inc., the company's mortgage banking operation, acquires Troy and Nichols, Inc. of Monroe, Louisiana, with a loan-servicing portfolio totaling approximately $5.9 billion. FGMH is merged into Troy and Nichols in November.

First Gibraltar sells Sooner Federal to Bank of Oklahoma and Fourth Financial Corp. on December 31.

1993
First Madison Bank becomes the new name of First Gibraltar when it sells all but four branches to Bank of America, Texas, on February 1.

1994
First Madison acquires substantially all the assets and certain liabilities of First Nationwide Bank on September 30. First Madison changes its name to First Nationwide Bank and forms a separate mortgage subsidiary, First Nationwide Mortgage Corporation.