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August 31, 1994|From Times Staff and Wire Reports

UnionFed May Sell Thrift Unit: UnionFed Financial Corp. in Brea is thinking of selling troubled Union Federal Bank, according to a letter to an investor from Chairman and Chief Executive David S. Engleman. Sale of the thrift is one option "as we pursue a resolution that will maximize shareholder value," Engleman wrote Hamid Boroumand, a bond analyst with the investment firm M.L. Stern & Co. in Beverly Hills, in a letter dated Friday. UnionFed disclosed Aug. 4 in its annual earnings report that it no longer meets regulatory capital requirements and is under increased scrutiny from the Office of Thrift Supervision. The thrift has $918.9 million in assets, $841.9 million in deposits and 14 branches in Orange County.

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