CalFed: Bank and S&L? California Federal Bank shareholders meet Friday to vote on its proposed formation of a parent company to be called CalFed Bancorp Inc. The holding company format would give CalFed the flexibility to operate a commercial bank as well as the current savings and loan. Last spring, following the lead of Great Western Financial Corp., CalFed applied for a national bank charter in order to escape the high cost of federal deposit insurance for savings and loans. The U.S. government, attempting to shore up the fund that protects S&L deposits, at the time was considering charging S&Ls higher deposit insurance premiums than it does commercial banks. By switching much of its business from the S&L to a sister bank, CalFed hoped to avoid what it considers a severe competitive disadvantage. Because the federal plan is still undergoing revision, CalFed is uncertain whether it will eventually open the commercial bank, but a favorable vote of the stockholders Friday would at least give it that opportunity, spokesman Frank W. Moore said. The meeting is scheduled for 2 p.m. at the Park Hyatt Los Angeles in Century City. If a majority approves, California Federal Bank will become a subsidiary of CalFed Bancorp.