MUFG Union Bank (stylized as UnionBank) is an American full-service bank with 398 branches in California, Washington and Oregon which is wholly owned by The Bank of Tokyo-Mitsubishi UFJ. The bank, formerly known as Union Bank of California, N.A., has operations in California, Washington and also has commercial branches in Dallas, Houston, New York City and Chicago, as well as two international offices. Headquartered in New York City, MUFG Union Bank, N.A. is a subsidiary of holding company MUFG Americas Holdings Corporation and a member of the Mitsubishi UFJ Financial Group (NYSE: MTU).
As of December 31 2014, MUFG Americas Holdings Corporation had $113.7 billion (USD) in assets and the Mitsubishi UFJ Financial Group had total assets of approximately $2.3 trillion (USD). Its foundation is built on five lineages; three originate in California and two in Japan.
History
The Bank of Tokyo-Mitsubishi UFJ
In April 1996, Mitsubishi Bank and the Bank of Tokyo merged in Japan. In San Francisco, the Bank of California and Union Bank consolidated into UnionBanCal Corporation, a bank holding company, and its primary subsidiary Union Bank of California, N.A. With the merger, Union Bank could now trace its history back to the founding of the Bank of California 132 years before. In 1999, UnionBanCal Corporation became a publicly traded company listed on the New York Stock Exchange (NYSE:UB).
In August 2008, Mitsubishi UFJ offered to buy the 35 percent of Union Bank it did not already own, which Union Bank accepted. On November 4, 2008, the Bank of Tokyo-Mitsubishi UFJ (BTMU), a wholly owned subsidiary of Mitsubishi UFJ Financial Group (MUFG), announced that BTMU had successfully acquired all of the outstanding shares of UnionBanCal Corporation.
In 2014, MUFG integrated the U.S. operations of its subsidiary The Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU) with those of San Francisco-based Union Bank, N.A.
Recent acquisitions
In 2009, Union Bank opened a branch in Texas, with plans to expand.
On April 30, 2010, Union Bank, N.A., acquired certain assets and assumed certain liabilities of Everett, Washington-based Frontier Bank in a purchase and assumption agreement with the Federal Deposit Insurance Corporation (FDIC). Twelve officers and corporate directors of Frontier Bank are facing a $46 million damage lawsuit filed by the FDIC.
Also in April, Union Bank acquired the assets of Tamalpais Bank in Marin County, including seven branches. Federal regulators sold Tamalpais' assets to Union Bank, which rebranded all the acquired branches.
In 2012, Union Bank announced its acquisition of Pacific Capital Bancorp, which operated under the name Santa Barbara Bank & Trust, for $1.5 billion.
In 2013, Union Bank completed the acquisition of First Bank Association Bank Services, which provides a full range of banking services to homeowners associations and community management companies. The acquisition brought to Union Bank approximately $550 million in deposits.
Union Bank Foundation
The Union Bank Foundation strategically funds community and regional initiatives that will position the Foundation as an innovator of partnerships and a grant-maker helping to create and sustain healthy communities.
The Foundation proactively invests in the communities in which the bank and its businesses operate, targeting its resources to benefit low- to moderate-income populations. In order to achieve greater impact in the targeted communities, the Foundation focuses on the strategic program categories of community economic development, affordable housing, education and the environment.
Community Reinvestment Act
Union Bank's Board of Directors approves the bank's Community Service Action Plan (CSAP), which is used to ensure the bank's compliance with Community Reinvestment Act requirements. The CSAP targets seven key areas for support and services: affordable housing, banking services, community outreach, corporate contributions, low-income consumer loans, small business loans and assistance, and supplier diversity.
References
External links
- Union Bank
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