Glendale Federal Completes Union Federal Acquisition

Glendale Federal Bank has completed its acquisition of 13 of 14 branch offices of Union Federal Bank. Glendale Federal paid $6.9 million and accepted certain Union Federal assets at their existing gross book values. Union Federal held deposits totaling approximately $820 million.

Glendale Federal also acquired Union Federal’s entire portfolio of single-family residential loans, consisting of about $181 million in unpaid principal and $3 million in real estate acquired in settlement of defaulted loans. The bank also acquired $220 million in performing multifamily residential and commercial real estate loans and about $423 million of cash and other assets.

Glendale Federal expects to reduce its borrowings by about $300 million as a result of the transaction.