BREA, Calif. -- Unionfed Financial Corp. said it has reached a definitive agreement to sell four branches with approximately $180 million of deposits to California Federal Bank.
The branch sales are part of Unionfed's capital restoration plan and are subject to Office of Thrift Supervision approval, said the company.
The sales are expected to close in late August.
Unionfed also said it has set Aug. 25 as the record date for its proposed rights offering -- provided its Securities and Exchange Commission registration has taken effect by then.
