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First ULB acquires Union Financial.

Global Banking News-December 3, 2013--First ULB acquires Union Financial

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Global Banking News - 03 December 2013

First ULB Corp (OTC: PINK: FUBP), the parent of United Labor Bank, FSB, has said that it has completed its acquisition of Union Financial Corporation, Albuquerque, New Mexico, and its wholly-owned subsidiary, Union Savings Bank.

First ULB Corp has paid nearly USD5.862m in newly issued First ULB Corp. common stock, to the holders of Union Financial's common stock. The combined entity will have approximately USD345m in assets.

Malcolm F. Hotchkiss, president of First ULB Corp, said: 'The combination of United Labor Bank and Union Savings Bank provides greater opportunities for both banks and will continue to advance our position in the West. This transaction is a natural aggregation of our companies as our client and shareholder bases are very similar. We are excited about our expansion and working with the Albuquerque community.'

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.

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Publication:Global Banking News (GBN)
Geographic Code:1U8NM
Date:Dec 3, 2013
Words:209
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