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O.C. BRIEFLY

August 04, 1994

UnionFed Financial Corp.: The Brea parent of Union Federal Bank on Wednesday reported a loss of $26.5 million for its latest fiscal year, which ended June 30. That compared to a loss of $32.1 million for the same period the previous year. For the fourth quarter, UnionFed reported a loss of $9.8 million, compared to a loss of $11.4 million for the same quarter last year. The company blamed the latest red ink on additional provisions for loan losses and continued losses from real estate operations. The bank also said it no longer meets regulatory capital requirements and is subject to increased monitoring by the federal Office of Thrift Supervision. UnionFed said it has hired Keefe, Bruyette & Woods Inc. as a financial adviser, subject to OTS approval, to help it formulate a capital restoration plan.

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