BREA — UnionFed Financial Corp., struggling for five years to pull itself out of the red, said federal regulators have approved its plan to raise at least $9 million for its beleaguered savings and loan subsidiary by the end of March.
UnionFed, based in Brea, has lost a total of $167.3 million since it restated its fiscal 1990 results. The company also said this week that it has retained the investment bank of Friedman, Billings, Ramsey & Co. to help it raise the needed cash or sell the institution.
