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Glendale Federal Bank may be no more, its identity and assets merged with an upstate competitor, but the city that gave the local thrift its name, that grew as the thrift grew, seemed divided Friday over what the merger means to Glendale.
On rain-drenched street corners, in the local coffee shops, and within Glendale Federal's main branch downtown, gloom over possible layoffs was offset by glowing readings of the vibrant Glendale economy.
"It is a good bank," said Richard Haas, 57, a lifelong Glendale resident and decade-long customer of Glendale Federal. "Look across the street, they're putting up another skyscraper. This city is growing. If the bank pulls out, something substantial will go in."
Haas' caffeine-fueled optimism was tempered by nostalgia, time-burnished memories of a financial institution that took a role in helping Glendale emerge as the so-proclaimed Jewel City of California.
"There may be a new replacement there, but Glendale Federal was a terribly important part of the history of Glendale," said City Councilwoman Ginger Bremberg. "They were a remarkably fine corporate citizen. Not everyone is."
Founded in 1934 by local businessman Joseph Hoeft, Glendale Federal began with $5,600. Hoeft and his thrift are credited with creating the city's symphony orchestra and helping Glendale Community College emerge as a premiere learning center from the state's community college...