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First ULB Corp buys Union Financial Corp.

M2 EQUITYBITES-December 3, 2013-First ULB Corp buys Union Financial Corp


3 December 2013 - US thrift holding company First ULB Corp (OTCMKTS:FUBP) said it had closed the acquisition of local bank holding company Union Financial Corporation and its wholly-owned subsidiary Union Savings Bank in a USD5.86m (EUR4.32m) all-stock deal.

New Mexico-based Union Financial was established in 1995.

The transaction, which was first announced in July, will result in a company owning about USD345m in assets. The combined entity will operate four offices in Northern California, three in Southern California, as well as one office in Seattle and another one in Albuquerque.

The acquisition will help First ULB, a holding company for United Labor Bank, boost its presence in the West, the buyer's president Malcolm F Hotchkiss said in a statement. He added that the two companies' client and shareholder bases complemented each other.

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Publication:M2 EquityBites (EQB)
Date:Dec 3, 2013
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