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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) August 30, 1996
Commission File Number: 1-9594
UNIONFED FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 95-4074126
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
2501 E. Chapman Avenue, Suite 100
Fullerton, California 92831
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (714) 579-3257
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Item 5. Other Events
The Board of Directors of UnionFed Financial Corporation ("the Company") has
adopted a Plan of Liquidation providing for the orderly dissolution and
winding up of the Company's affairs. The Company's principal holding, Union
Federal Bank, a federal savings bank, was placed in government receivership
on August 9, 1996. At the time, the Bank had a substantial negative net worth
and was sustaining operating losses due to its high level of non-performing
assets. Efforts to sell all or part of the Bank's charter, assets and/or
remaining operations were unsuccessful. The Bank was the Company's only
subsidiary and the Company currently carries on no other business activity.
The Company currently has approximately $150,000 in assets and no remaining
business operations. It is anticipated that all or substantially all of the
assets will be necessary to pay known contractual liabilities of the Company
and expenses of winding up the Company's affairs. Accordingly, it is not
anticipated that any assets will be available to distribute to the Company's
stockholders. The Company currently has approximately 800 stockholders of
record and 27.2 million shares outstanding. The Company expects that there
will not be any future trading in the Company's stock.
The Plan of Liquidation will be submitted to the stockholders of the Company
for approval in the near future to facilitate the winding up of the Company's
affairs and to help establish stockholders' tax losses.
2
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
UNIONFED FINANCIAL CORPORATION
Date: September 4, 1996 /s/ Michelle X. Dean
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Michelle X. Dean
Chief Financial Officer