Union Federal Savings said it plans to go public.

The Los Angeles-based S&L; said it wants to raise about $27 million through the sale of 3.1 million shares of common stock that will be listed in the national over-the-counter market. Depositors and borrowers will be among those who will be given the first opportunity to buy the stock, the association said. Any remaining shares will be offered to the public through E. F. Hutton and Shearson Lehman/American Express. Union Federal, with $1.2 billion in assets, is California’s 35th-largest S&L.;