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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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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.
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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.
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
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
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
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
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
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
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
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.
NEWS
March 16, 2000 | EDMUND SANDERS, TIMES STAFF WRITER
Union Bank of California is expected to announce today that it is buying into Southern California's largest check-cashing operation, accelerating the banking industry push into a controversial and profitable business that targets low-income neighborhoods.
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.
BUSINESS
June 30, 1999
Los Angeles-based Union Bank of California, a subsidiary of UnionBanCal Corp., was rated the best company for minorities in the nation in a study by the Council on Economic Priorities and is featured on the cover of the current Fortune magazine. The survey said 36% of Union Bank's officials and managers are minorities, as are 53.7% of its overall work force, seven of the 17 members of the board of directors, five of the top 25 best-paid employees and 56% of new hires.
CALIFORNIA | LOCAL
September 5, 1997 | DEBRA CANO
Four Orange County nonprofit organizations and charities have received $30,000 in grants from Union Bank of California Foundation. The foundation provided $1.8 million in contributions and grants to nonprofit organizations and charities in California, Oregon and Washington during the first half of this year.
BUSINESS
August 17, 1999 | LIZ PULLIAM and EDMUND SANDERS, TIMES STAFF WRITERS
Union Bank of California said Monday that it will cut about 15% of its work force in a bid to boost profit--and perhaps make itself a more attractive takeover target in the state's increasingly competitive banking market. Fulfilling a pledge made earlier this year to slim down operations and become more efficient, Union said it will cut 1,400 jobs statewide during the next 18 months while increasing investment in technology and automation.
BUSINESS
July 10, 1999 | Edmund Sanders
Executives at Union Bank of California said they may lay off as many as 500 employees and eliminate an additional 1,000 jobs through attrition as part of an ambitious restructuring program designed to cut costs and make the San Francisco-based bank more efficient. The bulk of the cuts are expected to come in Southern California, where 75% of Union's work force is concentrated.
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