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. UnionFed's headquarters, which was moved to Brea five years ago, was returned recently to Downtown Los Angeles, where the S&L; started 68 years ago. Union Federal, once a large regional thrift with 14 branches and $2.5 billion in loans and other assets, now has a lone office in Downtown Los Angeles with $37.2 million in assets after selling most of its operations earlier this year to Glendale Federal Bank.
Times Staff and Wire Reports
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