UnionFed Unit Placed Under Restrictions: Federal thrift...
From Times Staff and Wire Reports
UnionFed Unit Placed Under Restrictions: Federal thrift regulators ordered Los Angeles-based Union Federal Savings Bank to stop paying stock dividends and limited its loan-making ability until the institution comes up with an acceptable plan to raise more capital, officials said. The Office of Thrift Supervision imposed the restrictions on Union Federal, owned by Brea-based UnionFed Financial Corp., just two weeks after the parent company was forced to restate its yearly earnings to show an $18.1-million loss.
