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Unionbancal Corp

BUSINESS
August 14, 2008 | From Times Wire Services
UnionBanCal Corp. said Mitsubishi UFJ Financial Group Inc.'s $3-billion bid to buy the lender "substantially undervalues UnionBanCal." The $63-a-share offer "is not in the best interest of UnionBanCal's minority stockholders," the San Francisco-based bank said.
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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 26, 2009 | Times Wire Services
UnionBanCal Corp. said it would receive a $2-billion capital infusion from its parent company, Bank of Tokyo-Mitsubishi UFJ Ltd., by Monday. The money will help San Francisco-based UnionBanCal offset potential future credit losses if economic conditions result in a worst-case scenario, said Chief Executive Masaaki Tanaka.
BUSINESS
April 24, 2008 | From Times Wire Services
UnionBanCal Corp., the parent of Union Bank of California, said earnings fell about 27% in the first quarter as it set aside more funds for potential losses from a slump in the residential housing market. UnionBanCal said earnings were $108.6 million, or 79 cents a share, down from $149.6 million, or $1.07 a share, a year earlier. UnionBanCal's total provision for credit losses in the quarter was $80 million, an increase of $20 million compared with the fourth quarter, driven by the need to add to reserves for its home builder segment.
BUSINESS
July 9, 1999
* Kevin Shannon, managing director of Seeley Co.'s investmentdivision, has joined commercial real estate services firm Grubb & Ellis Co. as a senior vice president of its investment services group. Based in Los Angeles, he will focus on office, industrial and retail investment. * Robert N. Alpert has been named a vice president of Union Bank of California's community banking group. Los Angeles-based Union Bank is a division of UnionBanCal Corp., a San Francisco-based bank holding company.
BUSINESS
June 11, 1999 | Edward Sanders
Two major banks have suspended participation in a telemarketing program that has fueled a national debate on whether financial institutions should sell customer information to third parties. San Francisco-based Union Bank of California instructed MemberWorks Inc., which sells health- and dental-care discounts, to stop marketing to Union Bank customers pending a review of the arrangement, a spokeswoman said.
BUSINESS
November 12, 1999
* Barry Plaga, executive vice president and chief financial officer of Activision Inc., has resigned for personal reasons. The Santa Monica-based interactive software maker said it will conduct a nationwide search to find a replacement. In the interim, Rasmus Van Der Colff, vice president of finance, will serve as CFO, the company said. * Nick Valestrino has been promoted president of L.A. Label, a privately held Commerce-based label and tag maker. * Mortgage lender Countrywide Home Loans Inc.
BUSINESS
August 5, 1999 | Bloomberg News
Sempra Energy, owner of the largest U.S. natural-gas utility, said it won a one-year contract from UnionBanCal Corp. to cut energy costs at 250 branches and other buildings in California, Oregon and Washington. Financial terms weren't disclosed. Sempra Solutions, a Sempra unit, will manage the payment of electricity, water and sewer bills for San Francisco-based UnionBanCal, owner of Union Bank of California, the state's second-largest commercial bank.
BUSINESS
January 15, 2003 | From Bloomberg News
UnionBanCal Corp. must face claims by six investors in Reed Slatkin's Ponzi scheme who claim that California's third-largest bank conspired to conceal the EarthLink Inc. co-founder's fraud. UnionBanCal will have to go to trial on three of four claims over Slatkin's scheme, including aiding and abetting a breach of fiduciary duty and conspiracy to commit fraud, U.S. District Judge Margaret Morrow ruled.
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