Bank failure · CA

Union Federal Bank, FSB (Los Angeles, CA) — failed August 9, 1996

Union Federal Bank, FSB of Los Angeles, California was closed on August 9, 1996 and resolved through a purchase and assumption (insured deposits). Dean Witter Trust FSB (NJ) took over its insured deposits. At failure it held $32.6M in assets and $32.7M in deposits. The FDIC's estimated loss on the failure is $21.9M (67.3% of assets).