BANKING

Times Staff and Wire Reports

UnionFed's Future in 'Substantial Doubt': UnionFed Financial Corp., Los Angeles-based parent of Union Federal Bank, reported losses of $17.4 million for its fourth quarter and $32.7 million for its fiscal year ended June 30. The company said in a statement that although it had been able to avoid seizure by federal regulators, it is undercapitalized and its independent auditors believe there is "substantial doubt about [its] ability to continue as a going concern." UnionFed, which ran into trouble with real estate loans, sold 13 offices, $820 million of deposits and $136 million of loans in the fourth quarter, shrinking itself into an institution with one office, eight employees and $37 million of assets.

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