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EARNINGS

January 21, 1988

Glenfed, parent of Glendale Federal Savings, posted slightly lower earnings of $35.1 million in its fiscal second quarter ended Dec. 31, compared to $35.7 million a year before. The company said earnings in the latest period were affected by merger expenses incurred when Glenfed acquired Fresno-based Guarantee Savings & Loan last year.

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