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Union Federal Savings Bank

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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.
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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
July 4, 1995
Glendale Federal Bank has completed its acquisition of 13 of 14 branch offices of Union Federal Bank. Glendale Federal paid $6.9 million and accepted certain Union Federal assets at their existing gross book values. Union Federal held deposits totaling approximately $820 million.
BUSINESS
June 12, 1991 | James S. Granelli / Times staff writer
More Join Consortium: Orange County banks and savings and loans continue to join the Savings Assns. Mortgage Co. in Santa Clara to help them fulfill federal requirements to provide financing for low-income housing. Union Federal Savings Bank, the subsidiary of UnionFed Financial Corp. in Brea, became the 12th county thrift to join the association, and National Bank of Southern California became only the second county bank to join the consortium of lenders.
BUSINESS
December 9, 1994
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.
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
December 9, 1994
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.
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
January 21, 1994 | JAMES S. GRANELLI, TIMES STAFF WRITER
Orange County's 20 savings and loans, controlling their problem loans and profiting from low interest rates, recorded combined earnings of $75.3 million for the third quarter last year. The hefty earnings were similar to the previous two quarters and gave the once-battered local industry net income of $235.3 million for the first nine months last year, according to statistics released by the Office of Thrift Supervision.
BUSINESS
September 17, 1993 | JAMES S. GRANELLI, TIMES STAFF WRITER
UnionFed Financial Corp., threatened with a government takeover after four years of losses, said late Thursday that it has won commitments of more than $41 million from new and current investors. The investor support means that the company will receive net proceeds of about $39 million for its beleaguered Union Federal Savings Bank in Los Angeles. That figure is $1.5 million more than what federal regulators has required the thrift to obtain by next Thursday.
CALIFORNIA | LOCAL
October 4, 1991 | DAVID WILLMAN, TIMES STAFF WRITER
A man believed to be Southern California's most prolific bank robber will be charged with holding up a total of 45 institutions since June, FBI Special Agent Karen Gardner said Thursday. Gregory Nishinaka, 30, of Monterey Park was arraigned in Los Angeles on Thursday on a single robbery charge which carries a maximum prison term of 20 years. The FBI alleges that Nishinaka committed seven robberies in Orange County and most of the others in Los Angeles County.
CALIFORNIA | LOCAL
March 19, 1991 | MYRON LEVIN, TIMES STAFF WRITER
Two years after an unsuccessful attempt to buy Paramount Ranch in Agoura, former home of the Renaissance Pleasure Faire, state park officials may wrest the scenic tract from developers through an unusual deal approved Monday night by the Santa Monica Mountains Conservancy. Under the tentative agreement with Union Federal Savings Bank, the conservancy will buy delinquent loans on the 320-acre tract, and then foreclose on a development firm that is millions of dollars in arrears.
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.
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