Bank's price fell $100M: Union Federal buyer cut offer as negotiations dragged on; investors pushed for liquidity

No wonder word leaked early this year that Union Federal Bank was about to be sold. A new federal filing reveals that a deal had been brewing since early last year-spawned largely by mounting frustration among investors that they were unable to turn their stake in the bank's privately held parent, Fort Wayne-based Waterfield Mortgage Co., into cash. "The concerns over liquidity were voiced by many shareholders at Waterfield Mortgage's annual shareholders' meeting in the spring of 2004," according to...

 

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