In the summer of 1993, Unionfed Financial Corp. chief executive David S. Engelman held "a beauty contest" as investment banks lined up for the chance to help the Los Angeles thrift rebuild its capital.

Less than two years later, the capital has been drained away by losses and Unionfed is an ugly duckling.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.