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September 12, 2001 | Matea Gold and Maggie Farley, Los Angeles Times Staff Writers
In the worst terrorist attack ever against the United States, hijackers struck at the preeminent symbols of the nation's wealth and might Tuesday, flying airliners into the World Trade Center and the Pentagon and killing or injuring thousands of people. As a horrified nation watched on television, the twin towers of the World Trade Center in lower Manhattan collapsed into flaming rubble after two Boeing 767s rammed their upper stories. A third airliner, a Boeing 757, flattened one of the Pentagon's five sides.
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BUSINESS
January 12, 2014 | By E. Scott Reckard
The gig: Chong Guk "C.G. " Kum is president and chief executive of Hanmi Financial Corp., the oldest bank based in L.A.'s Koreatown. Nearly 10% of Hanmi's loans were delinquent in 2010. But the bank has cut that to 1%, raised capital and in June it hired Kum, a veteran of mainstream community banks, to chart a course for growth. The mission, he says, is "to make Hanmi what it used to be: the premier Korean American bank. " First big deal: The bank entered into an agreement last month to buy Central Bancorp, a troubled Texas bank with Asian American clients.
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BUSINESS
January 21, 1997 | GREG JOHNSON
Cold cash and cold cuts are merging at Union Bank of California ATM machines in Orange and Los Angeles counties. Customers who use Union Bank cash machines will receive coupons redeemable for free sandwiches at Subway. The so-called "client rewards" are the first of several planned marketing programs, according to bank spokesman Gary Marvin. "There may come a time when everybody can just clip coupons at the bank machine," Marvin said.
BUSINESS
November 14, 2013 | By Stuart Pfeifer
After a bit of controversy, Chase Bank has added its name to the downtown Los Angeles skyline. The bank reached a deal to pay condo owners at 1100 Wilshire Blvd. $17,500 per month for the right to put its name on their 37-story building on the western edge of the downtown skyline. One of the homeowners was so upset about the deal that he sought to block it in court, but a Los Angeles County Superior Court judge refused to intervene. The new sign was installed earlier this month.
BUSINESS
November 23, 1989
Built in the 1960s, Union Bank Square is undergoing a $12-million renovation, which includes landscaping and upgraded public lobbies. The main plaza area will feature a garden surrounding a water sculpture. The project team for the renovation includes Langdon Wilson as architect and Turner Construction as general contractor. Union Bank and Pacific Bell, the two major tenants, occupy more than half of the complex's 395,000 square feet. FACTS AND FIGURES Address: 500 S. Main St.
BUSINESS
May 27, 1993
Union Bank said its president and chief executive, Taisuke Shimizu, will leave both positions effective June 16. A company spokesman said Shimizu, 57, will be reassigned to a still undetermined position at Bank of Tokyo, the parent of Union Bank. In a press release, San Francisco-based Union Bank said Shimizu will be replaced by Kanetaka Yoshida, now vice chairman and chief financial officer. Yoshida has more than 31 years of experience with the Bank of Tokyo.
BUSINESS
February 15, 2013 | By E. Scott Reckard, Los Angeles Times
Cable companies love to offer combo deals on telephone, Internet and a slew of TV channels you'll never watch. Product bundling also is standard in industries as varied as fast food, cars and software. It's the same with banks, most of which won't sell you a simple checking account except in a fixed-price package with add-ons such as debit cards, mobile apps, online bill payment or savings accounts. Now, in an effort to distinguish itself from the pack, Union Bank is offering customers an a la carte menu - the banking equivalent of breaking up the value meal and promoting burgers, fries and drinks separately.
BUSINESS
May 18, 2004 | From Associated Press
CNA Financial Corp. said it has agreed to sell its CNA Trust business to Union Bank of California. Financial terms weren't disclosed for the transaction, which is expected to be completed on or before the end of the third quarter. Union Bank of California is a subsidiary of San Francisco-based holding company UnionBanCal Corp. CNA Trust, based in Costa Mesa, helps other financial institutions offer 401(k) plan services.
BUSINESS
August 3, 1989 | JAMES BATES
A top Bank of Tokyo executive has been named chairman of Union Bank, effective Sept. 27. Jiro Ishizaka, 61, also was elected to the board of the San Francisco bank, effective immediately. Ishizaka most recently was an adviser to the president of Bank of Tokyo, Minoru Inouye. Union Bank is 77% owned by Bank of Tokyo. Ishizaka's office will be in Los Angeles, the bank said. Ishizaka replaces Tamotsu Yamaguchi, who will continue serving as a Union Bank director.
BUSINESS
September 28, 1990
Seishichi Itoh, who headed the Bank of Tokyo's 1988 acquisition of Union Bank for $737 million through its California First Bank subsidiary, will resign next month as Union Bank's chief executive. Itoh, 55, will leave the San Francisco bank to return to Japan to take an unspecified assignment with Bank of Tokyo. His leaving is no surprise, and in line with the Japanese management style in which top executives are rotated every few years.
BUSINESS
October 8, 2013 | E. Scott Reckard
Five years after Washington bailed out more than 700 banks, the money has become a burden for more than 100 community banks that can't seem to repay it. About a dozen of those are in California, and they are facing increasing pressure as the federal government looks to close out the Troubled Asset Relief Program, or TARP. The banks will soon face a big increase in the annual dividend they must pay the government on its investment - to 9% from 5%. Some of the banks will have to sell out or bring in new shareholders - who might demand control of the institution in exchange for the cash infusion.
BUSINESS
September 27, 2013 | By Stuart Pfeifer
With the city of Los Angeles cracking down on many forms of outdoor advertising, Chase Bank has found a creative way to promote its brand - at the top of a downtown condominium tower. It's common for commercial tenants to put their names on office high-rises, but it's uncharted territory for a residential building, at least in Los Angeles, real estate experts said. "Here in Southern California, I can't think of any residential units that have building-top signage," said Tim Miller, a Jones Lang LaSalle broker who has negotiated several such deals at downtown office buildings.
ENTERTAINMENT
August 28, 2013 | By Daniel Miller
Open Road Films, the distribution company that released this summer's "Jobs," has extended its $100-million revolving credit facility through 2018. The company, which was founded in 2011 by exhibitors AMC Entertainment and Regal Entertainment Group, said the new credit facility would allow it to reduce borrowing costs. Lenders Bank of America, Union Bank, OneWest Bank and Wells Fargo all renewed their commitments with the Los Angeles-based film company. PHOTOS: Hollywood Backlot moments "In two years, Open Road has exceeded expectations, and we are proud to have done this with the backing of Bank of America, Union Bank, OneWest Bank and Wells Fargo," Tom Ortenberg, chief executive of Open Road, said in a statement.
BUSINESS
August 28, 2013 | By E. Scott Reckard
In the annals of image problems, the banking industry ranks right up there .... er, down there ... in the company of Congress, with a high-profile survey ranking Bank of America Corp. at the bottom of the heap.  Five years after the financial crisis, the Reputation Institute survey said banking has a worse reputation than Big Pharma, news outlets, oil companies and telecommunications firms -- though not so bad as Congress. The most highly regarded industries were transport, consumer products, industrial products, food manufacturing and computers.
BUSINESS
February 15, 2013 | By E. Scott Reckard, Los Angeles Times
Cable companies love to offer combo deals on telephone, Internet and a slew of TV channels you'll never watch. Product bundling also is standard in industries as varied as fast food, cars and software. It's the same with banks, most of which won't sell you a simple checking account except in a fixed-price package with add-ons such as debit cards, mobile apps, online bill payment or savings accounts. Now, in an effort to distinguish itself from the pack, Union Bank is offering customers an a la carte menu - the banking equivalent of breaking up the value meal and promoting burgers, fries and drinks separately.
WORLD
October 19, 2012 | By Henry Chu, Los Angeles Times
LONDON - European leaders took a step forward Friday in their effort to put all of the Eurozone's banks under central oversight but sketched out a time frame that suggests the new system will not be up and running until months after its anticipated start date. An agreement in June to appoint a single banking supervisor for the 17 nations that use the euro was hailed as a major weapon in the fight against the region's persistent debt crisis. Stronger oversight would pave the way for ailing banks to receive help directly from Europe's bailout fund, without governments having to step in with aid that then worsened their own budget problems.
BUSINESS
January 9, 1988 | DOUGLAS FRANTZ, Times Staff Writer
Union Bank acknowledged Friday that 51 employees in its computer center have been laid off and that further staff cutbacks are under consideration. The data processing employees, who work in the computer center in Monterey Park, were told late Thursday afternoon that they were being laid off. The total of 51 represents 12% of the employees in the operation. Several sources within the bank said that the layoffs were believed to be the first round in a series of staff reductions.
BUSINESS
September 7, 1991 | CHRIS KRAUL, SAN DIEGO COUNTY BUSINESS EDITOR
Heartland Savings was seized by thrift regulators on Friday, and its insured deposits were sold to Union Bank. Resolution Trust Corp. regulators took possession of the three-branch thrift at 6 p.m. Friday as part of the Accelerated Resolution Program by which regulators dispose of some or all of a failed thrift's assets at the same time that it is seized. Heartland's main office in El Cajon and branches in La Mesa and Casa de Oro will reopen as scheduled Monday morning.
BUSINESS
March 11, 2012 | By Jim Puzzanghera, Los Angeles Times
Payday loans, for years a fixture in poor, working-class neighborhoods, are increasingly being offered by local banks and employee credit unions — triggering concerns by consumer groups that more Americans will be trapped in high-interest loans that could take years to pay off. More than two dozen regional and community banks now offer versions of these loans, most starting their programs since 2007. The biggest increase, however, has come at credit unions. Nearly 400 now are in the market, attracted by a 2010 change in regulations that boosted the maximum interest rate on payday loans to 28% from 18%. Conventional payday loans from storefront operations provide workers a two-week advance of as much as $500 on their paychecks for a flat fee or an interest rate that doesn't sound too extreme on the surface.
BUSINESS
May 3, 2010 | By E. Scott Reckard, Los Angeles Times
Like them or not, banks can be hard to leave. Who wants to transfer accounts, get used to new branch locations or master a different online banking system? But consumers increasingly are willing to unglue themselves from what bankers call "sticky" relationships, according to a retail bank survey released by J.D. Power and Associates Inc. last week. It found a growing belief that banks are driven only by short-term profit goals, and that they often overlook basic services such as keeping branches clean and explaining fees to customers.
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