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BUSINESS
June 16, 2006 | From Bloomberg News
UnionBanCal Corp., California's second-biggest bank, was sued by two customers claiming that account information about them and other customers was left in a manager's briefcase that was later stolen outside the bank. The lawsuit seeks costs for monitoring and repairing credit and unspecified damages for emotional distress for all customers whose data were stolen.
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BUSINESS
July 22, 2008 | From the Associated Press
UnionBanCal Corp. said Monday that its second-quarter profit fell 15% as a higher number of loans went unpaid and the regional bank set aside more money to cover unpaid debt. For the period that ended June 30, the parent of Union Bank of California reported net income of $141.3 million, or $1.02 a share, down from $165.4 million, or $1.19, a year earlier. The results included a gain of $11.5 million, or 8 cents a share, from the sale of the bank's insurance brokerage business, and a gain of $4.
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BUSINESS
January 17, 2003 | E. Scott Reckard
UnionBanCal Corp. reported a 10% jump in fourth-quarter profit, saying better credit management sharply reduced troubled loans and an inflow of low-cost deposits increased its lending margin. The San Francisco-based parent of Union Bank of California earned $145 million, or 95 cents a share, up from $132 million, or 84 cents, in the last quarter of 2001. The results, announced after the market closed, beat the 89-cents-a-share consensus estimate of analysts surveyed by Thomson First Call.
BUSINESS
March 1, 2007 | From Bloomberg News
UnionBanCal Corp., which owns Union Bank of California, appointed Masaaki Tanaka to succeed Takashi Morimura as president and chief executive. Morimura is returning to the Tokyo office of parent Mitsubishi UFJ Financial Group Inc., San Francisco-based UnionBanCal said. Tanaka will take over May 24. Chairman Tetsuo Shimura, who also is returning to Japan, will be replaced by former CEO Norimichi Kanari.
BUSINESS
April 22, 2004 | E. Scott Reckard
UnionBanCal Corp. reported a 16% jump in first-quarter profit, spurred by a growth in low-cost checking and passbook deposits and an increase in deposit fees and insurance commissions. The San Francisco-based parent of Union Bank of California earned $157.5 million, or $1.05 a share, compared with $135.5 million, or 89 cents, during the first quarter of 2003. Revenue rose 6% to $612.4 million, while nonperforming assets, a key indicator of loan quality, fell to 0.57% of total assets from 0.
BUSINESS
March 26, 1998 | Bloomberg News
UnionBanCal Corp. said Yoshihiko Someya, a 27-year veteran of the California bank's parent, Bank of Tokyo-Mitsubishi Ltd., will become its chief financial officer and chief credit officer later this year. UnionBanCal's current CFO, Minoru Noda, is expected to return to the parent company's Tokyo headquarters for reassignment at a date not yet set, the San Francisco-based bank said.
BUSINESS
December 18, 1997
San Francisco-based UnionBanCal Corp. said its fourth-quarter profit will fall short of analysts' expectations because of higher-than-anticipated expenses. The company, which operates Union Bank of California, is telling analysts that per-share earnings are likely to be between $1.60 and $1.65. Analysts expected about $1.79.
BUSINESS
March 1, 2007 | From Bloomberg News
UnionBanCal Corp., which owns Union Bank of California, appointed Masaaki Tanaka to succeed Takashi Morimura as president and chief executive. Morimura is returning to the Tokyo office of parent Mitsubishi UFJ Financial Group Inc., San Francisco-based UnionBanCal said. Tanaka will take over May 24. Chairman Tetsuo Shimura, who also is returning to Japan, will be replaced by former CEO Norimichi Kanari.
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
October 24, 2003
* EchoStar Communications Corp. said it had withdrawn its bid to buy the assets of Loral Space & Communications Ltd., a satellite maker that filed for bankruptcy protection in July. * Ticketmaster, a unit of InterActiveCorp, will close its customer service center, eliminating 573 jobs in Virginia Beach, Va., as increasing online sales reduce the need for telephone personnel. * Tetsuo Shimura was appointed chairman of UnionBanCal Corp.
BUSINESS
November 9, 2006 | From Reuters
The Securities and Exchange Commission has contacted San Francisco-based UnionBanCal Corp., the parent of Union Bank of California, over payments that its mutual fund unit allegedly received from an outside administrator. The inquiry, disclosed in a regulatory filing Tuesday, involves fees received by UnionBanCal's HighMark Funds unit from the administrator. A UnionBanCal spokeswoman Wednesday identified the administrator as SEI Investments Co. of Oaks, Pa.
BUSINESS
June 16, 2006 | From Bloomberg News
UnionBanCal Corp., California's second-biggest bank, was sued by two customers claiming that account information about them and other customers was left in a manager's briefcase that was later stolen outside the bank. The lawsuit seeks costs for monitoring and repairing credit and unspecified damages for emotional distress for all customers whose data were stolen.
BUSINESS
April 21, 2005 | Kathy M. Kristof, Times Staff Writer
A strong real estate market and improved economic conditions helped three California financial institutions post strong first-quarter earnings. Golden West Financial Corp., Oakland-based parent of World Savings & Loan, said first-quarter net income climbed 16%, thanks to rapid growth in its adjustable-loan portfolio. Earnings rose to $348.3 million, or $1.12 a share, from $299.7 million, or 97 cents, a year earlier. That beat analysts' expectations, sending the company's share price up $1.
BUSINESS
January 22, 2004 | E. Scott Reckard, Times Staff Writer
UnionBanCal Corp., the parent of Union Bank of California, reported 5% higher fourth-quarter earnings Wednesday, citing improved loan quality and fee income, while East West Bancorp Inc. of San Marino recorded a 30% jump in fourth-quarter profit, capping a year of growth. San Francisco-based UnionBanCal, a major business lender, earned $151.9 million, or $1.02 a share, on revenue of $596 million. That's up from $144.
BUSINESS
October 24, 2003
* EchoStar Communications Corp. said it had withdrawn its bid to buy the assets of Loral Space & Communications Ltd., a satellite maker that filed for bankruptcy protection in July. * Ticketmaster, a unit of InterActiveCorp, will close its customer service center, eliminating 573 jobs in Virginia Beach, Va., as increasing online sales reduce the need for telephone personnel. * Tetsuo Shimura was appointed chairman of UnionBanCal Corp.
BUSINESS
October 16, 2003 | From Times Staff and Wire Reports
Two California banking companies, UnionBanCal Corp. and City National Corp., reported higher third-quarter earnings Wednesday while a third, Los Angeles-based Cathay Bancorp, reported earnings flat with results a year earlier. San Francisco-based UnionBanCal, parent of Union Bank of California, reported net income of $155 million, or $1.02 a share, for the quarter ended Sept. 30, handily beating Wall Street's forecast of 94 cents a share. In the year-ago quarter, the bank earned $138.
BUSINESS
October 9, 1998
UnionBanCal Corp., a San Francisco-based unit of Bank of Tokyo-Mitsubishi Ltd., said it will take a one-time gain of $44.8 million in the third quarter for a tax break it's getting because of losses at its Japanese parent. UnionBanCal said a reduction in its state income tax for 1997 and 1998 would add 76 cents to its third-quarter earnings per share. It was expected to earn $1.71.
BUSINESS
July 17, 2003 | E. Scott Reckard
UnionBanCal Corp. reported 11.5% higher earnings, beating Wall Street expectations on higher income from fees and dwindling loan losses. The San Francisco-based parent of Union Bank of California said second-quarter profit rose to $144.8 million, or 96 cents a share, from $129.9 million, or 81 cents, in the period a year ago. Analysts had expected 90 cents. The results were released after the market closed. Falling interest rates kept lending income flat at $386.
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