Union Bank of California

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Union Bank of California

Type	Subsidiary (owned by UnionBanCal Corporation)
Founded	1864
Headquarters	San Francisco, California
Key people	Masaaki Tanaka, CEO
Industry	Banking
Employees	Over 10,000[1] )
Website	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;two international offices;and facilities in six other states.

1 History
2 Union Bank Is Born
3 Union Bank of California Today
4 Company Profile
5 References
6 External links

[edit] 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).

[edit] 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. ^[2]

[edit] 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 majority-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.^[3]

[edit] Company Profile

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

HighMark Capital Management is Union Bank of California’s investment management subsidiary. The unit manages more than $21.5 billion in assets. The bank offers 22 proprietary mutual funds called HighMark Funds.

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

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

The bank has 565 ATMs throughout its tri-state region. It is a member of the Star and CIRRUS systems, giving customers access to over 300,000 ATMs worldwide. CIRRUS, Plus, MasterCard, VISA, Discover, and American Express cardholders can access Union Bank of California’s ATMs. The bank also belongs to the Star and Maestro point-of-sale networks. Union Bank of California was the first major California bank to offer seven-day-a-week banking when it opened its first supermarket branches in 1990. The bank now maintains 50 supermarket branches.