OTS Approves Unionfed Plan

BREA, Calif. - Unionfed Financial Corp., parent of Union Federal Savings Bank, said that the Office of Thrift Supervision approved a revised capital plan submitted by the bank.

Under the plan, the bank must fully comply with regulatory capital requirements in calendar 1994, and must comply with interim capital targets before then.

Also, the company said it is restricted to operating only in those types of business activities specified in the plan, all of which the bank says are consistent with its current strategies.

If the bank fails to operate under the plan's terms, including failing to meet projected interim capital levels by certain dates, it said a broader range of operating restrictions would be triggered and the OTS could revoke approval of the plan and take other supervisory actions.

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