UnionFed Financial Stockholders Get Zilch
FULLERTON — UnionFed Financial Corp., once the owner of a large savings and loan, said Friday that its directors adopted a liquidation plan that will give creditors its remaining $150,000 and leave 800 stockholders with nothing.
UnionFed owned Union Federal Savings Bank in Los Angeles, which lost money through the first half of the 1990s.
The company sold most of the thrift’s assets to try to salvage a smaller operation. But the thrift was plagued with a large number of bad loans and other assets, and regulators seized it last month.
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