April 24, 2008 |
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.
June 11, 1999 |
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.
January 20, 2006 |
City National Corp. of Beverly Hills, parent of City National Bank, reported 2005 net income of $235 million, or $4.60 a share, compared with $206 million, or $4.04 a share, for 2004. Revenue rose 12%, to $821 million. For the fourth quarter, net income was $61.8 million, or $1.21 a share, up from $49.7 million, or 97 cents a share, for the same period in 2004. City National also said its board raised its annual cash dividend to $1.64 a share, up from $1.44.
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.
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.
September 23, 2005 |
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.
September 27, 2003 |
UnionBanCal Corp., which has bank branches in California, Washington and Oregon, agreed to acquire Business Bancorp's Business Bank of California for as much as $134.9 million. The transaction is valued at $117.7 million to $134.9 million, depending on Business Bancorp's shareholders' choice to receive cash or stock and assuming UnionBanCal's average share price is between $32 and $55 for 30 days before the closing, UnionBanCal said.
July 21, 2005 |
Two giant savings and loans reported stronger second-quarter earnings Wednesday despite a tough interest rate environment, with Washington Mutual Inc. saying it had fixed its troubled mortgage business and Golden West Financial Corp. seeing continued growth in its specialty of adjustable-rate loans. Washington Mutual and Golden West, the parent of World Savings, were among several banks and thrifts with California operations that beat Wall Street expectations Wednesday.
June 30, 1999
City National Bank said it has hired Kevin Dunigan to head the Beverly Hills-based bank's network of 40 branches in Southern California. Previously, Dunigan was group sales director of H.F. Ahmanson & Co., where he managed the Southern California retail franchise for Home Savings of America until Ahmanson was acquired last year by Seattle-based Washington Mutual Inc. At City National, Dunigan, 44, takes the title of executive vice president of the core banking division.