UNIONFED FINANCIAL CORP
10-Q/A, 1995-01-04
SAVINGS INSTITUTION, FEDERALLY CHARTERED
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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                             -----------------------

                                   FORM 10-Q/A

/X/  QUARTERLY REPORT PURSUANT TO SECTION 13 OF 15(D) OF THE SECURITIES EXCHANGE
     ACT OF 1934.

FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 1994

/ /  TRANSACTION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
     EXCHANGE ACT OF 1934.

FOR THE TRANSITION PERIOD FROM ____________ TO ____________

                         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.)


                              330 East Lambert Road
                             Brea, California  92621
                    (Address of principal executive offices)

                                 (714) 255-8100
              (Registrant's telephone number, including area code)


     Indicate by check mark whether the registrant (1) has filed all reports to
be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports, and (2) has been subject to such filing
requirements for the past 90 days. YES /x/  NO / /

     The registrant had 27,201,993 common shares, par value $.01, outstanding at
November 14, 1994.

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     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 thereunto duly authorized.


                                       UNIONFED FINANCIAL CORPORATION


Date  January 4, 1995                  By  /s/ RONALD M. GRIFFITH
                                          --------------------------------
                                               Ronald M. Griffith
                                               Senior Vice President
                                               General Counsel, Secretary



Date  January 4, 1995                  By  /s/ STEPHEN J. AUSTIN
                                          --------------------------------
                                               Stephen J. Austin
                                               Senior Vice President
                                               Chief Financial Officer

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                                 Exhibit Index

Exhibit No.
- -----------
    27           Financial Data Schedule for Article 9



<TABLE> <S> <C>

<PAGE>
<ARTICLE> 9
<CIK> 0000802223
<NAME> UNIONFED FINANCIAL CORPORATION
<MULTIPLIER> 1,000
<CURRENCY> U.S.DOLLARS
       
<S>                             <C>
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          JUN-30-1995
<PERIOD-START>                             JUL-01-1994
<PERIOD-END>                               SEP-30-1994
<EXCHANGE-RATE>                                      1
<CASH>                                          24,753
<INT-BEARING-DEPOSITS>                          13,323
<FED-FUNDS-SOLD>                                     0
<TRADING-ASSETS>                                     0
<INVESTMENTS-HELD-FOR-SALE>                          0
<INVESTMENTS-CARRYING>                          246328
<INVESTMENTS-MARKET>                            240109
<LOANS>                                         594971
<ALLOWANCE>                                      25968
<TOTAL-ASSETS>                                  912043
<DEPOSITS>                                      848289
<SHORT-TERM>                                     26814
<LIABILITIES-OTHER>                               5931
<LONG-TERM>                                          0
<COMMON>                                           272
                                0
                                          0
<OTHER-SE>                                      107943
<TOTAL-LIABILITIES-AND-EQUITY>                  912043
<INTEREST-LOAN>                                  10814
<INTEREST-INVEST>                                 4242
<INTEREST-OTHER>                                     0
<INTEREST-TOTAL>                                 14950
<INTEREST-DEPOSIT>                                8051
<INTEREST-EXPENSE>                                8344
<INTEREST-INCOME-NET>                             6606
<LOAN-LOSSES>                                     3859
<SECURITIES-GAINS>                                   8
<EXPENSE-OTHER>                                   7455
<INCOME-PRETAX>                                 (3676)
<INCOME-PRE-EXTRAORDINARY>                      (3676)
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                    (3676)
<EPS-PRIMARY>                                    (.14)
<EPS-DILUTED>                                    (.14)
<YIELD-ACTUAL>                                    3.46
<LOANS-NON>                                      18521
<LOANS-PAST>                                         0
<LOANS-TROUBLED>                                107162
<LOANS-PROBLEM>                                 147241
<ALLOWANCE-OPEN>                                 24963
<CHARGE-OFFS>                                     2864
<RECOVERIES>                                        12
<ALLOWANCE-CLOSE>                                25968
<ALLOWANCE-DOMESTIC>                             25968
<ALLOWANCE-FOREIGN>                                  0
<ALLOWANCE-UNALLOCATED>                              0
        

</TABLE>


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