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First ULB acquires Union Financial for around USD 5.862m.

BANKING AND CREDIT NEWS-December 3, 2013--First ULB acquires Union Financial for around USD 5.862m

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3 December 2013 -- California-based bank holding company First ULB Corp said that it has completed its acquisition of New Mexico-based Union Financial Corp and its Union Savings Bank subsidiary.

First ULB said it paid approximately USD 5.862m in newly issued First ULB Corp common stock, to the holders of Union Financial's common stock. The combined entity will have approximately USD 345m in assets.

The combined company will have a deposit franchise consisting of nine full service banking offices, four offices located in Northern California, three in Southern California, plus individual offices in Seattle and Albuquerque.

First ULB Corp is the corporate parent of United Labor Bank.

Find out more at www.laborbank.com.

1 USD = 0.6115 GBP

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Publication:M2 Banking & Credit News (BCN)
Geographic Code:1U9CA
Date:Dec 3, 2013
Words:153
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