GlenFed Plans to Form Thrift Holding Company; Banking: The firm would gain flexibility in stock buybacks and acquisitions. The entity would be known as Golden State Bancorp.: [Home Edition]

Glendale Federal Bank said it plans to form a thrift holding company to give it more flexibility in buying back stock and making acquisitions.

Shareholders of the thrift would swap one share for each share of the holding company, to be called Golden State Bancorp Inc. Glendale expects the Office of Thrift Supervision and the Securities and Exchange Commission to approve the plan next month.

"This provides them more financial flexibility, it allows them to do stock buybacks, if they wish, and makes it easier...