In a move which may not be enough to keep angry shareholders at bay, Commercial Federal Corp. announced Aug. 15 it would undergo a heavy restructuring, rather than explore a sale. Commercial’s board unanimously approved the initiatives which will cost the company between $105 and $138 million. Nonetheless, some observers of the Omaha, Neb.-based, $950 million market cap bank, which is one of the largest thrifts in the country, believe it could still be the object of takeout overtures.
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