UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 3
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
1. Name and Address of Reporting Person
Golden State Bancorp Inc.
414 North Central Avenue
Glendale, CA 91203
U.S.
2. Date of Event Requiring Statement (Month/Day/Year)
08/17/97
3. IRS or Social Security Number of Reporting Person (Voluntary)
95-4642135
4. Issuer Name and Ticker or Trading Symbol
CENFED Financial Corporation
CENF
5. Relationship of Reporting Person(s) to Issuer (Check all applicable)
( ) Director (X) 10% Owner ( ) Officer (give title below) ( ) Other
(specify below)
6. If Amendment, Date of Original (Month/Day/Year)
7. Individual or Joint/Group Filing (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
<TABLE>
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Table I -- Non-Derivative Securities Beneficially Owned |
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1. Title of Security |2. Amount of |3. Ownership |4. Nature of Indirect |
| Securities | Form: | Beneficial Ownership |
| Beneficially | Direct(D) or | |
| Owned | Indirect(I) | |
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<S> <C> <C> <C>
Common Stock, par value $0.01 per share |1,140,784 |D | |
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Table II -- Derivative Securitites Beneficially Owned |
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1.Title of Derivative |2.Date Exer- |3.Title and Amount | |4. Conver-|5. Owner- |6. Nature of Indirect |
Security | cisable and | of Underlying | |sion or |ship | Beneficial Ownership |
| Expiration | Securities | |exercise |Form of | |
| Date(Month/ |-----------------------|---------|price of |Deriv- | |
| Day/Year) | |Amount |deri- |ative | |
| Date | Expira- | |or |vative |Security: | |
| Exer- | tion | Title |Number of|Security |Direct(D) or | |
| cisable | Date | |Shares | |Indirect(I) | |
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<S> <C> <C> <C> <C> <C> <C> <C>
Stock Option Agreement |(b) |(b) |Common Stock, par value|1,140,784|$34.00 |D | |
| | | $1.00 per share |(a) | | | |
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</TABLE>
Explanation of Responses:
(a) Beneficial ownership of the 1,140,784 shares of the CENFED Financial
Corporation ("CENFED") Common Stock reported hereunder (the "Option
Shares") is being so reported solely as the result of the option (the "Option")
granted pursuant to the Stock Option Agreement described under
"Derivative Securities Beneficially Owned." Since such Option has not yet
become exercisable, Golden State Bancorp Inc. expressly disclaims
beneficial ownership of the Option Shares and this report shall not be deemed
an admission that Golden State Bancorp Inc. is the beneficial owner of
such securities for the purposes of Section 16 or for any other
purpose.
(b) The Option becomes exercisable upon the occurrence of certain events, none
of which have occured as of the date hereof. The Option will
expire upon the occurrence of certain
events.
GOLDEN STATE BANCORP INC
/s/ John E. Haynes August 25, 1997
**Signature of Reporting Person Date
BY: John E. Haynes
TITLE: Chief Financial Officer
