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BUSINESS
September 23, 2005 | From Times Wire Services
Wachovia Corp. plans to buy the international banking business of Union Bank of California for as much as $290 million in cash to shore up the Charlotte, N.C., financial services company's presence in several Asian cities, including New Delhi and Hanoi. The acquisition would give Wachovia control of Union Bank's relationships with 600 foreign banks plus a $2-billion loan portfolio. An undisclosed number of Union Bank's executives and employees would join Wachovia.
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BUSINESS
September 18, 2007 | From Times Wire Services
Union Bank of California agreed to forfeit $21.6 million to settle a criminal charge that it failed to maintain an effective program to prevent money laundering, even after promising to do a better job of complying with federal regulations, the U.S. Justice Department said. The bank, the principal subsidiary of San Francisco-based UnionBanCal Corp.
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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.
CALIFORNIA | LOCAL
March 16, 2006 | Hector Becerra, Times Staff Writer
After years of fretting under a $26-million debt, the city of Gardena has reached a settlement with two creditors. Under the agreement, the city will refinance $20-million worth of debt and pay $19 million by June 14 to Sumitomo Trust & Banking Co. and Union Bank of California. The city will make an additional payment of $2.6 million by the end of the year, and with that, Gardena's obligation to the banks will be over. "It'll be done.
BUSINESS
July 3, 2004 | Dawn Wotapka, Times Staff Writer
Aiming to strengthen its presence in the growing Southern California market, UnionBanCal Corp., the parent of Union Bank of California, announced plans Friday to acquire Brea-based Jackson Federal Bank for $305 million. Jackson Federal, with $1.9 billion in assets, has 14 branches in Los Angeles, Orange and San Bernardino counties, including L.A., Glendale, Santa Monica and Fullerton.
BUSINESS
November 20, 1998
* Bank of Tokyo-Mitsubishi Ltd. plans to sell $750 million of its $4.38-billion majority stake in UnionBanCal Corp., which would increase investors' ability to buy and sell the thinly traded stock and raise cash for the Japanese bank. The sale would cut the UnionBanCal stake of Japan's largest bank to between 62% and 70% from 82%. San Francisco-based UnionBanCal is the holding company of Union Bank of California.
BUSINESS
August 19, 1999 | EDMUND SANDERS, Edmund Sanders covers financial institutions and fraud for The Times. He can be reached at (714) 966-5811 and at edmund.sanders@latimes.com
Union Bank of California has opened its first check-cashing outlet in Orange County, at the Superior Superwarehouse in Santa Ana. It's the San Francisco-based bank's 17th Cash & Save facility in the state. Union has been expanding into check-cashing as a way to reach low- and moderate-income families who don't have a bank account or can't open one because of credit problems. The bank charges a 1% to 1.5% fee to cash a check.
CALIFORNIA | LOCAL
April 2, 1996
Members of the Rainforest Action Network, a nonprofit environmental group, scaled 50-foot palm trees and climbed onto the Bank of California building in Beverly Hills on Wednesday to protest the destruction of the world's dwindling rain forests. Two people sat in the trees for more than seven hours while a third was suspended on a rope strung between a tree and a parking structure. The demonstrators hung a banner urging people not to do business with the bank.
BUSINESS
March 28, 2000 | From A Times Staff Writer
San Francisco-based Union Bank of California has agreed to renew its lease for about 327,000 square feet of space in a downtown Los Angeles high-rise. The bank, one of downtown's largest tenants, maintains its Southern California headquarters in the 40-story building at the corner of Figueroa and Flower streets. Union Bank, which employs about 775 people downtown, cited the area's large labor pool and mass transportation links for its reasons to stay.
BUSINESS
April 23, 1998 | Denise Gellene
Union Bank of California has launched its first statewide Spanish-language campaign to increase what Senior Vice President George Ramirez describes as "low awareness" of the bank among Latinos in important cities, such as Los Angeles. One-third of Union Bank's 240 branches are in Los Angeles.
BUSINESS
September 23, 2005 | From Times Wire Services
Wachovia Corp. plans to buy the international banking business of Union Bank of California for as much as $290 million in cash to shore up the Charlotte, N.C., financial services company's presence in several Asian cities, including New Delhi and Hanoi. The acquisition would give Wachovia control of Union Bank's relationships with 600 foreign banks plus a $2-billion loan portfolio. An undisclosed number of Union Bank's executives and employees would join Wachovia.
BUSINESS
March 18, 2005 | E. Scott Reckard, Times Staff Writer
Shuffling its top management, UnionBanCal Corp. has named commercial-banking specialist Philip B. Flynn to the newly created post of chief operating officer, putting him in charge of all business units at the San Francisco-based bank. Flynn said Thursday that he would work from Los Angeles, where he has spent his entire 24-year career at UnionBanCal, the parent of Union Bank of California.
BUSINESS
July 3, 2004 | Dawn Wotapka, Times Staff Writer
Aiming to strengthen its presence in the growing Southern California market, UnionBanCal Corp., the parent of Union Bank of California, announced plans Friday to acquire Brea-based Jackson Federal Bank for $305 million. Jackson Federal, with $1.9 billion in assets, has 14 branches in Los Angeles, Orange and San Bernardino counties, including L.A., Glendale, Santa Monica and Fullerton.
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.
CALIFORNIA | LOCAL
March 25, 2004 | Monte Morin, Times Staff Writer
Three gunmen escaped with more than $75,000 from a supermarket bank branch in Porter Ranch on Wednesday night after forcing the bank manager to open the vault, police said. The men, who wore dark ski masks and dark clothes, entered the Ralphs supermarket in the northern San Fernando Valley just after 7 p.m. The robbers pulled out handguns and ordered the manager of the Union Bank of California branch to open the safe.
BUSINESS
October 4, 2000 | Lee Romney
Operation HOPE, Union Bank of California and Nix Check Cashing have opened their first joint service centers, providing banking and small-business services and financial counseling in underserved areas. The centers should also help mute criticism that Union Bank's purchase of a 40% share of Nix last March exploited low-income consumers by offering them relatively high-cost check cashing in place of formal banking services.
BUSINESS
September 29, 1995 | From Times Staff and Wire Reports
The merger of Bank of California and Union Bank, expected since last spring and announced Thursday, will result in the elimination of about 850 jobs, many through attrition, the banks said. The marriage would form California's fourth-largest bank, with $25 billion in assets. The two banks also said the merger would cut $90 million from their combined annual pretax costs by 1998. The banks now have the equivalent of 9,900 full-time employees.
BUSINESS
September 29, 1995 | From Times Wire Services
Bank of California and Union Bank said their boards approved the merger of their companies, a deal that would form California's fourth-largest bank, with $25 billion in assets. In Thursday's announcement, the two banks said they expect to cut $90 million from their combined annual costs, before taxes, by 1998. They said they expect to cut 850 jobs, many through attrition. The banks now have the equivalent of 9,900 full-time employees. The new bank will be called Union Bank of California.
BUSINESS
April 18, 2000 | Lee Romney
Three Southern California bankers have committed a total of $3 million in home loans to South-Central L.A. residents who fall below conventional underwriting standards. The pledges came in response to a challenge by nonprofit group Operation Hope, a loan intermediary. Union Bank of California Vice Chairman Rick Hartnack, Far East National Bank President Robert Oehler and Hawthorne Savings Chairman Tim Chrisman pledged $1 million from each institution for the loans.
BUSINESS
March 28, 2000 | From A Times Staff Writer
San Francisco-based Union Bank of California has agreed to renew its lease for about 327,000 square feet of space in a downtown Los Angeles high-rise. The bank, one of downtown's largest tenants, maintains its Southern California headquarters in the 40-story building at the corner of Figueroa and Flower streets. Union Bank, which employs about 775 people downtown, cited the area's large labor pool and mass transportation links for its reasons to stay.
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