Officials of Unionfed Financial Corp. said it plans to liquidate and wind up its affairs.

Unionfed's principal holding, Union Federal Bank, a savings bank, was placed in government receivership Aug. 9. It had a substantial negative net worth and was sustaining operating losses due to its high level of nonperforming assets. Efforts to sell the charter and assets were unsuccessful. The company no remaining business operations.

Assets total about $150,000 in assets, Unionfed said, but it expects that now will go to shareholders. All assets will be needed to pay contractual liabilities and expenses, it said.

Unionfed has about 800 stockholders of record and 27.2 million shares outstanding.

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