On The Block

United American Healthcare Corp.’s (Nasdaq: UAHC) board and management are reviewing long-term strategic alternatives in light of the pending end of a Medicare agreement. The Detroit, Mich.-based company will consider all feasible options including joint venture, partnership, acquisition, merger or liquidation of company assets. For the fiscal first quarter ended Sept. 30, United American Healthcare’s revenue fell 72 percent to $1.8 million from $6.3 million a year earlier. The decrease reflects the transfer of enrollees to other managed care organizations in November 2008. The company will wind down its Medicare Advantage Special Needs Plan business by Dec. 31, 2009.

CFS Bancorp Inc. (Nasdaq: CITZ) is exploring strategic alternatives and it hired an investment banker to help with the process. The holding company of Citizens Financial Bank will consider M&A along with other options. The Munster, Ind.-based company hired David Olson to help with the process. Olson was co-head of DLJ’s financial institution’s group and head of the firm’s Chicago investment banking office, according to the Chicago Tribune. CFS Bancorp’s third-quarter losses widened to $4.7 million from $1million a year earlier. These financial results reflect the higher provision for loan losses in the latest period. The provision rose to $9.4 million from $1.4 million.

Tamalpais Bancorp. (Nasdaq: TAMB) swung to a third-quarter loss of $5.1 million from net income of $1.5 million a year earlier after incurring a $9.4 million provision for loan losses in the latest period, up from $653,000 a year earlier. The increased provision is mainly due to a $50.3 million increase in non-performing loans. The bank holding company is working to reduce its non-performing assets and is evaluating strategic alternatives to strengthen its capital base. It hired a financial adviser to help with the review of options. Tamalpais is also reducing its loan portfolio’s concentration in commercial real estate, multi-family and hospital loans.

Rainier Pacific Financial Group Inc. (Nasdaq: RPFG) is continuing efforts to secure a capital infusion or to find a buyer, but has substantial doubt in its ability to remain a going concern. The Tacoma, Wash.-based company, significantly undercapitalized, said there can be no assurances it will recapitalize or sell the bank. Rainier Pacific Financial’s third-quarter losses widened to $35.0 million from $2.95 million a year earlier, partly because the company incurred $22.1 million in pretax impairment charges in the latest period for investment in pooled trust preferred collateralized debt obligations. The company is the parent of Rainier Pacific Bank, which operates 14 branches.