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BUSINESS
July 28, 1993 | DEBORA VRANA, SPECIAL TO THE TIMES
UnionFed Financial Corp. on Tuesday reported a loss of $32.2 million for its latest fiscal year and said shareholders have approved a recapitalization plan designed to keep the troubled company from being seized by federal regulators. The loss announced by the Brea-based parent company of Union Federal Bank, a thrift with 18 branches in Los Angeles and Orange counties, brings the company's losses for the past four years to a total of $137.1 million.
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BUSINESS
August 10, 1996 | Times Staff and Wire Reports
U.S. Regulators Close L.A. Thrift: The Office of Thrift Supervision took over Union Federal Bank and immediately transferred control of the privately held institution to the Federal Deposit Insurance Corp. Dean Witter Trust FSB, a subsidiary of Dean Witter Discover & Co., purchased Union Federal's available assets and debts and will service Union Federal's customers. Dean Witter Trust will take over about 1,000 accounts, valued at roughly $30.6 million, according to the FDIC.
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BUSINESS
March 29, 1995 | JOHN O'DELL
The holding company for ailing Union Federal Bank said Tuesday that it has asked federal regulators for a 75-day extension of its deadline to raise millions of dollars of new capital or sell the savings and loan. The Office of Thrift Supervision had given parent UnionFed Financial Corp. in Brea until Friday to complete a sale, merger or recapitalization of the thrift, which has lost more than $170 million since 1990. UnionFed officials said they have asked for an extension until June 15.
BUSINESS
October 24, 1995 | Times Staff and Wire Reports
UnionFed Losses Continue: UnionFed Financial Corp., which sold most of its savings and loan operations to maintain its solvency, posted another large annual loss, bringing its total losses over six years to $196.3 million. The holding company for Union Federal Bank lost $32.7 million, or $1.20 a share, for its fiscal year, which ended June 30, according to a recent Securities and Exchange Commission document. The company lost $26.5 million, or $1.28 a share, for its previous fiscal year.
BUSINESS
August 10, 1996 | Times Staff and Wire Reports
U.S. Regulators Close L.A. Thrift: The Office of Thrift Supervision took over Union Federal Bank and immediately transferred control of the privately held institution to the Federal Deposit Insurance Corp. Dean Witter Trust FSB, a subsidiary of Dean Witter Discover & Co., purchased Union Federal's available assets and debts and will service Union Federal's customers. Dean Witter Trust will take over about 1,000 accounts, valued at roughly $30.6 million, according to the FDIC.
BUSINESS
October 24, 1995 | Times Staff and Wire Reports
UnionFed Losses Continue: UnionFed Financial Corp., which sold most of its savings and loan operations to maintain its solvency, posted another large annual loss, bringing its total losses over six years to $196.3 million. The holding company for Union Federal Bank lost $32.7 million, or $1.20 a share, for its fiscal year, which ended June 30, according to a recent Securities and Exchange Commission document. The company lost $26.5 million, or $1.28 a share, for its previous fiscal year.
BUSINESS
August 26, 1993
UnionFed Financial Corp., parent company of Union Federal Bank, said Wednesday that it has received federal approval to raise more than $37.5 million to stave off a government takeover. UnionFed said the Securities and Exchange Commission approved its plan to solicit funds from existing stockholders, its directors and officers and wealthy investors. Company officials would not disclose how the sale is proceeding, other than to say another announcement could come as soon as Friday.
BUSINESS
August 31, 1994 | CHRIS WOODYARD, TIMES STAFF WRITER
The parent company of Union Federal Bank is thinking about selling the troubled thrift, according to a letter sent by the board chairman to an investor. David S. Engleman, chairman and chief executive of UnionFed Financial Corp., wrote in a letter dated Friday that directors of the Brea-based institution are considering a sale as one option "as we pursue a resolution that will maximize shareholder value." UnionFed disclosed Aug.
BUSINESS
May 23, 1995 | DEBORA VRANA, TIMES STAFF WRITER
Long-suffering UnionFed Financial Corp., almost dismantling itself as a thrift, said Monday that it has agreed to sell 13 of its 14 savings and loan branches and $820 million in deposits to Glendale Federal Bank for $6.6 million in cash. The purchase dramatically expands Glendale Federal's presence in California, said Jeff Misakian, a spokesman for the thrift, one of the nation's largest with $15.7 billion in assets and 135 branches.
BUSINESS
May 23, 1995 | DEBORA VRANA, TIMES STAFF WRITER
Long-suffering UnionFed Financial Corp., beset by enormous losses for six years, said Monday that it has agreed to sell 13 of its 14 savings and loan branches and $820 million in deposits to Glendale Federal Bank for $6.6 million in cash. The Brea parent company of Union Federal Bank--chronically short of capital, its final reserve against losses--also could receive additional payments based on the performance of a portfolio of about $200 million in loans over the next three years.
BUSINESS
May 23, 1995 | DEBORA VRANA, TIMES STAFF WRITER
Long-suffering UnionFed Financial Corp., beset by enormous losses for six years, said Monday that it has agreed to sell 13 of its 14 savings and loan branches and $820 million in deposits to Glendale Federal Bank for $6.6 million in cash. The Brea parent company of Union Federal Bank--chronically short of capital, its final reserve against losses--also could receive additional payments based on the performance of a portfolio of about $200 million in loans over the next three years.
BUSINESS
May 23, 1995 | DEBORA VRANA, TIMES STAFF WRITER
Long-suffering UnionFed Financial Corp., almost dismantling itself as a thrift, said Monday that it has agreed to sell 13 of its 14 savings and loan branches and $820 million in deposits to Glendale Federal Bank for $6.6 million in cash. The purchase dramatically expands Glendale Federal's presence in California, said Jeff Misakian, a spokesman for the thrift, one of the nation's largest with $15.7 billion in assets and 135 branches.
BUSINESS
March 29, 1995 | JOHN O'DELL
The holding company for ailing Union Federal Bank said Tuesday that it has asked federal regulators for a 75-day extension of its deadline to raise millions of dollars of new capital or sell the savings and loan. The Office of Thrift Supervision had given parent UnionFed Financial Corp. in Brea until Friday to complete a sale, merger or recapitalization of the thrift, which has lost more than $170 million since 1990. UnionFed officials said they have asked for an extension until June 15.
BUSINESS
August 31, 1994 | CHRIS WOODYARD, TIMES STAFF WRITER
The parent company of Union Federal Bank is thinking about selling the troubled thrift, according to a letter sent by the board chairman to an investor. David S. Engleman, chairman and chief executive of UnionFed Financial Corp., wrote in a letter dated Friday that directors of the Brea-based institution are considering a sale as one option "as we pursue a resolution that will maximize shareholder value." UnionFed disclosed Aug.
BUSINESS
January 26, 1994
The parent company of Union Federal Bank on Tuesday reported a loss of $7.2 million for its second fiscal quarter. That compared to a loss of $5.8 million for the same period a year earlier. For the six months ended Dec. 31, UnionFed Financial Corp. reported losing $11.3 million, compared to a loss of $11.7 million a year earlier--which included an income tax benefit of $6 million. The bank blamed much of the losses on bad real estate loans. It said it set aside $4.
BUSINESS
August 26, 1993
UnionFed Financial Corp., parent company of Union Federal Bank, said Wednesday that it has received federal approval to raise more than $37.5 million to stave off a government takeover. UnionFed said the Securities and Exchange Commission approved its plan to solicit funds from existing stockholders, its directors and officers and wealthy investors. Company officials would not disclose how the sale is proceeding, other than to say another announcement could come as soon as Friday.
BUSINESS
January 26, 1994
The parent company of Union Federal Bank on Tuesday reported a loss of $7.2 million for its second fiscal quarter. That compared to a loss of $5.8 million for the same period a year earlier. For the six months ended Dec. 31, UnionFed Financial Corp. reported losing $11.3 million, compared to a loss of $11.7 million a year earlier--which included an income tax benefit of $6 million. The bank blamed much of the losses on bad real estate loans. It said it set aside $4.
BUSINESS
August 14, 1993 | JAMES S. GRANELLI, TIMES STAFF WRITER
A reinvigorated California Federal Bank, making its first acquisition in three years, said Friday that it will buy about $180 million in deposits from four branches of struggling Union Federal Savings Bank. One of the branches is Union Federal's Lake Forest location, which will be closed. Neither thrift would reveal the terms of the deal. Such a package would typically be worth $2 million to $7 million, according to recent sale prices. The acquisition marks a transition for both thrifts.
BUSINESS
August 14, 1993 | JAMES S. GRANELLI, TIMES STAFF WRITER
A reinvigorated California Federal Bank, making its first acquisition in three years, said Friday that it will buy about $180 million in deposits from four branches of struggling Union Federal Savings Bank. One of the branches is Union Federal's Lake Forest location, which will be closed. Neither thrift would reveal the terms of the deal. Such a package would typically be worth $2 million to $7 million, according to recent sale prices. The acquisition marks a transition for both thrifts.
BUSINESS
July 28, 1993 | DEBORA VRANA, SPECIAL TO THE TIMES
UnionFed Financial Corp. on Tuesday reported a loss of $32.2 million for its latest fiscal year and said shareholders have approved a recapitalization plan designed to keep the troubled company from being seized by federal regulators. The loss announced by the Brea-based parent company of Union Federal Bank, a thrift with 18 branches in Los Angeles and Orange counties, brings the company's losses for the past four years to a total of $137.1 million.
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