Union Bank of California

Infobox Company
company_name = Union Bank of California
company_
company_type = Subsidiary (owned by UnionBanCal Corporation)
foundation = 1864
location = San Francisco, California
key_people = Masaaki Tanaka, CEO
num_employees = Over 10,000 [https://www.snl.com/irweblinkx/corporateprofile.aspx?IID=1022285] )
industry = Banking
total assets = 55.7 billion
homepage = [http://www.uboc.com/ www.uboc.com]

Union Bank of California is among the 25 largest banks in the United States, based on assets. The bank has 330 branch offices in California,Washington and Oregon; and two international offices. It is the primary subsidiary of UnionBanCal Corporation (NYSE: UB), a bank holding company, with assets of $57.9 billion at March 31, 2008.

History

The story of Union Bank of California (Union Bank) goes back more than 140 years, to July 5, 1864. That date marks the founding of The Bank of California, the first incorporated commercial bank in the West [1]

In 1880, Yokohama Specie Bank was created in Japan. In the early 1900s, Kaspare Cohn, a German immigrant with a fabric and clothing business established Kaspare Cohn Commercial & Savings Bank in Los Angeles. In 1918, Kaspare Cohn Commercial & Savings Bank was renamed Union Bank & Trust Company of Los Angeles.

In 1947, Yokohama Specie Bank became The Bank Of Tokyo, Ltd., and in 1953 it established a San Francisco subsidiary called The Bank of Tokyo California (BOTC).

Union Bank Is Born

Union Bank & Trust Company of Los Angeles shortened its name to Union Bank in 1958. Union Bancorp, a one-bank holding company, was established in 1967 and acquired by Standard Chartered PLC of London in 1979. BOTC acquired Southern California First National Bank of San Diego and renamed it California First in 1975. Although majority-owned by BOTC, it started trading on the Nasdaq exchange.

In 1984, The Bank of California became a wholly owned subsidiary of The Mitsubishi Bank, Ltd., which had been founded by former samurai Yataro Iwasaki in 1880. Union Bancorp was acquired by California First Bank in 1988, retaining the Union Bank name. [1]

Union Bank of California Today

In April 1996, The Mitsubishi Bank, Ltd. and The Bank of Tokyo, Ltd. 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.

In 1999, UnionBanCal Corporation became a publicly owned company listed on the New York Stock Exchange (NYSE:UB), although it is now completely owned by The Bank of Tokyo-Mitsubishi UFJ, Ltd. Today, Union Bank is a leader in business lending and ranks among the 25 largest banks in the U.S. [1]

Company Profile

Union Bank of California is a full-service commercial bank providing abroad mix of financial services: consumer and small business banking;middle market banking; real estate finance; corporate banking; tradefinance; investment and financial management; personal and business trustservices; private banking; insurance services; and global custody.

HighMark Capital Management is Union Bank of California’s investmentmanagement subsidiary. The unit manages more than $21.4 billion in assets.The bank offers 22 proprietary mutual funds called HighMark Funds.

The bank has been among the forerunners in developing its home bankingcapability, permitting clients to manage their bank accounts, pay bills and directinvestments utilizing PCS and retail software, including Quicken and MicrosoftMoney. A 24-hour automated telephone service provides clients information ontheir checking and savings accounts. Internet banking also is available throughUnion Bank’s website, at www.unionbank.com.

The bank’s commercial focus includes middle-market companies, corporateand multi-national companies headquartered in the United States, and the realestate development and real estate investment community. Also included areclients with large or unique cash management requirements, such asgovernment entities and not-for-profits, and national and international clientsin communications, media, entertainment, energy, public utilities, retailing andother specialty industries.

The bank has 564 ATMs throughout its tri-state region. It is a member of the Starand CIRRUS systems, giving customers access to over 300,000 ATMsworldwide. CIRRUS, Plus, MasterCard, VISA, Discover, and American Expresscardholders can access Union Bank of California’s ATMs. The bank also belongsto the Star and Maestro point-of-sale networks. Union Bank of California was thefirst major California bank to offer seven-day-a-week banking when it opened itsfirst supermarket branches in 1990. The bank now maintains 50 in-storebranches.

References

https://www.uboc.com/about/main/0,,2485_2779,00.html

External links

* [http://www.uboc.com Union Bank of California]