When Union Federal Savings Bank first opened its doors in North Providence, Rhode Island, in 2001, it was as a neighborhood financial institution whose fundamental philosophy was to cultivate long term relationships with its customers while providing products and services that satisfy their financial needs. Union FSB was acquired by The First Marblehead Corporation in 2006 but kept its name.
The bank struggled during the financial crisis, and in 2015 it finally closed. It was acquired by Axos Bank, formerly known as Bank of Internet USA. Customers of Union Federal Savings Bank were given the option to transfer their deposits to a new bank, or work with the completely online bank.
SunTrust Bank now uses the name Union Federal to offer student loans.
Unlike other financial institutions, Union Federal Savings Bank chose to offer only a select few products. These products primarily consisted of money market accounts and certificates of deposit (CDs). Additionally, Union offered student loans and home mortgages.
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