Two community institutions whose customers are worlds apart are splitting up Philadelphia's failed Ukrainian Federal Savings and Loan Association.

United Bank of Philadelphia, an African-American-owned bank, paid the Resolution Trust Corp. $7,987 for a $16.3 milliondeposit branch in a black and Asian section of town. Meanwhile, Chicago-based 1st Security Federal Savings Bank, which serves Ukrainians, Poles, Sloyaks, and Armenians, put up $585,000 for $22 million in deposits for a branch that caters primarily to Eastern Europeans.

The deal was "politically correct and satisfied the needs for both communities," said Julian E Kulas, president and chief executive of 1st Security.

United and 1st Security bid on Ukrainian Federal for different reasons. United, an up-andcoming minority bank with $100 million in assets, wants to expand and serve Philadelphia's black community.

Under the pact it also receives the Ukrainian Federal branch under a five-year rent-free lease, approval to borrow $950,000 in interim capital assistance from the RTC by yearend, and $18 million in performing loans from the agency's inventory.

1st Security, with $220 million in assets, bid on the branch 700 miles away from its Chicago base because Philadelphia's Ukrainian community "virtually begged us to come to their assistance to preserve that little savings and loan," Mr. Kulas said.

The institutions made individual bids to the RTC and a joint bid for Ukrainian Federal. Only United's qualified as a minority bid.

United Bank wants to ensure "that the residents of the minority neighborhoods of Philadelphia continue to receive quality services and are not left behind to be preyed upon by the check cashing agencies," said Emma C. Chappell, United's chairman and president, in a statement.

Scott Lawyer, a consultant with United, said bank officials contacted Mr. Kulas about bidding together.

"It was cooperative effort," he said. "We could have gone after the whole franchise ... but we are very sensitive to the fact that the Ukrainian community wanted to continue to have its own financial institution."

Mr. Kulas' new branch has already made a splash with the locals. More than $2 million in new deposits rolled into the branch in its first two days under the new management.

United, which opened in March 1992, has been aggressive in Philadelphia, where it now operates six branches. Mr. Lawyer said United wants to acquire more branches from the RTC.

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