Advertisement
YOU ARE HERE: LAT HomeCollectionsUnionfed Financial Corp
IN THE NEWS

Unionfed Financial Corp

FEATURED ARTICLES
ARTICLES BY DATE
BUSINESS
September 2, 1996
UnionFed Financial Corp., once the owner of a large savings and loan, said Friday that its directors adopted a liquidation plan that will give creditors its remaining $150,000 and leave 800 stockholders with nothing. UnionFed owned Union Federal Savings Bank in Los Angeles, which lost money through the first half of the 1990s. The company sold most of the thrift's assets to try to salvage a smaller operation.
Advertisement
BUSINESS
April 29, 1995 | DON LEE, TIMES STAFF WRITER
Long-struggling UnionFed Financial Corp., a savings and loan holding company, reported another large quarterly loss and said Friday that its financial health is as low as it can go without triggering a possible takeover by regulators. The parent of Union Federal Bank posted a loss of $8.2 million, or 30 cents a share, for its fiscal third quarter, which ended March 31. It lost $5.3 million, or 20 cents a share, for the like quarter last year. The company, which has now lost a total of $178.
BUSINESS
October 24, 1995 | JAMES S. GRANELLI, TIMES STAFF WRITER
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 nearly $200 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 document filed recently with the Securities and Exchange Commission. The company lost $26.5 million, or $1.28 a share, for its previous fiscal year.
BUSINESS
June 27, 1995
UnionFed Financial Corp., a savings and loan holding company that has struggled through six years of heavy losses and near failures, said Monday that it completed the sale of 13 of its 14 branches for $6.9 million to Glendale Federal Bank. The parent company of Union Federal Bank sold $820 million in deposits along with a similar amount of cash and loans, including its entire portfolio of single-family home loans.
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
June 27, 1995
UnionFed Financial Corp., a savings and loan holding company that has struggled through six years of heavy losses and near failures, said Monday that it completed the sale of 13 of its 14 branches for $6.9 million to Glendale Federal Bank. The parent company of Union Federal Bank sold $820 million in deposits along with a similar amount of cash and loans, including its entire portfolio of single-family home loans.
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
April 29, 1995 | DON LEE, TIMES STAFF WRITER
Long-struggling UnionFed Financial Corp., a savings and loan holding company, reported another large quarterly loss and said Friday that its financial health is as low as it can go without triggering a possible takeover by regulators. The parent of Union Federal Bank posted a loss of $8.2 million, or 30 cents a share, for its fiscal third quarter, which ended March 31. It lost $5.3 million, or 20 cents a share, for the like quarter last year. The company, which has now lost a total of $178.
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
September 2, 1996
UnionFed Financial Corp., once the owner of a large savings and loan, said Friday that its directors adopted a liquidation plan that will give creditors its remaining $150,000 and leave 800 stockholders with nothing. UnionFed owned Union Federal Savings Bank in Los Angeles, which lost money through the first half of the 1990s. The company sold most of the thrift's assets to try to salvage a smaller operation.
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.
Los Angeles Times Articles
|