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Unionfed Savings Bank

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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.
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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.
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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., 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.
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