If First Marblehead Corp., the Boston-based private student loan finance company, succeeds in buying Union Federal Savings Bank as it announced last week, there is a chance that it could scale back its securitization program.

The company submitted an application to the Office of Thrift Supervision (OTS) to buy the tiny North Providence, R.I., bank. Union Federal Savings, which is a mortgage lender, has assets totaling $40 million and retail deposits totaling $35 million. First Marblehead did not disclose terms of the potential deal.

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