BREA, Calif. -- Unionfed Financial Corp. said the Office of Thrift Supervision has approved its capital plan and issued a directive that requires recapitalization by Sept. 23.

The directive terminated a cease-and-desist order in place since April 1991 and superseded a capital plan approved by the OTS in September 1992.

Unionfed, parent of the $1.2 billion-asset Union Federal Bank, said it filed a registration statement with the Securities and Exchange Commission to offer up to $45 million of common stock, including a rights offer to current shareholders.

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