First ULB Corp. Acquires Union Financial Corporation

OAKLAND, Calif.--()--First ULB Corp., the parent of United Labor Bank, F.S.B., announced today that it has completed its acquisition of Union Financial Corporation ("Union Financial"), Albuquerque, New Mexico and its wholly-owned subsidiary, Union Savings Bank (collectively "Union"). First ULB Corp. paid approximately $5.862 million in newly issued First ULB Corp. common stock, to the holders of Union Financial’s common stock. The combined entity will have approximately $345 million in assets.

Malcolm F. Hotchkiss, President of First ULB Corp., stated, “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.

Statements concerning future performance, developments or events concerning expectations for growth and market forecasts, and any other guidance on future periods, constitute forward looking statements that are subject to a number of risks and uncertainties. Actual results may differ materially from stated expectations. Specific factors include, but are not limited to, the effect of interest rate changes, the ability to control costs and expenses, the impact of consolidation in the banking industry, financial policies of the United States government and general economic conditions.

About First ULB Corp. and United Labor Bank

First ULB Corp. is the corporate parent of United Labor Bank. For additional information about First ULB Corp. please visit our Web site at www.laborbank.com.

Contacts

First ULB Corp.
Malcolm Hotchkiss, 510.567.6900
mhotchkiss@laborbank.com

Release Summary

UNITED LABOR BANK EXPANDS INTO NEW MEXICO

Contacts

First ULB Corp.
Malcolm Hotchkiss, 510.567.6900
mhotchkiss@laborbank.com