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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 9, 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
1055 W. Seventh Street, Suite 100
Los Angeles, California 90017
(213)688-8417
(Former address of principal executive offices)
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Item 3. Bankruptcy or Receivership
UnionFed Financial Corporation's (the "Company") wholly-owned subsidiary Union
Federal Bank (the "Bank") was placed into receivership on Friday August 9, 1996,
by the Office of Thrift Supervision. The Federal Deposit Insurance Corporation
has been designated as the receiver. The receivership followed the Bank
becoming a "critically undercapitalized" institution, with a negative net worth,
in the fiscal quarter ended June 30, 1996. The Company was unable to find a
buyer for its remaining assets and operations prior to the seizure.
The Bank was the Company's only subsidiary and the Company currently conducts
no other business activity. Following the seizure, the Company's remaining
assets consist principally of approximately $150,000 in cash, certificates of
deposits and fixed assets.
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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 hereunto duly authorized.
UNIONFED FINANCIAL CORPORATION
Date: August 15, 1996 /s/ Michelle X. Dean
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Michelle X. Dean
Chief Financial Officer
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