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United Bank Of Arizona

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BUSINESS
January 29, 1988 | DOUGLAS FRANTZ, Times Staff Writer
Citicorp, the nation's largest banking company, said Thursday that it has signed an agreement to acquire United Bank of Arizona, a subsidiary of Union Bancorp of Los Angeles. The price of the transaction was not disclosed, but sources at Union said Citicorp agreed to pay $208 million for the Arizona bank. Union Bancorp, also the parent of Union Bank of California, acquired United Bank slightly more than a year ago for $335 million. John F.
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BUSINESS
January 29, 1988 | DOUGLAS FRANTZ, Times Staff Writer
Citicorp, the nation's largest banking company, said Thursday that it has signed an agreement to acquire United Bank of Arizona, a subsidiary of Union Bancorp of Los Angeles. The price of the transaction was not disclosed, but sources at Union said Citicorp agreed to pay $208 million for the Arizona bank. Union Bancorp, also the parent of Union Bank of California, acquired United Bank slightly more than a year ago for $335 million. John F.
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BUSINESS
January 9, 1988 | DOUGLAS FRANTZ, Times Staff Writer
Union Bank acknowledged Friday that 51 employees in its computer center have been laid off and that further staff cutbacks are under consideration. The data processing employees, who work in the computer center in Monterey Park, were told late Thursday afternoon that they were being laid off. The total of 51 represents 12% of the employees in the operation. Several sources within the bank said that the layoffs were believed to be the first round in a series of staff reductions.
BUSINESS
September 27, 1985 | Associated Press
Citicorp, the nation's largest bank holding company, said Thursday that it has agreed to buy Great Western Bank & Trust, Arizona's fifth-largest bank, effective Oct. 1, 1986. Terms were not disclosed in a statement issued here by Citicorp. John Maloney, a Citicorp spokesman in New York, also declined to specify a price. The transaction is subject to approval from regulatory agencies, Citicorp said in its statement.
BUSINESS
September 17, 1987 | DOUGLAS FRANTZ, Times Staff Writer
In an unusual memo to employees, the chairman of Union Bank of California has confirmed that the state's fifth-largest bank is for sale and he speculated that the purchaser is likely to be foreign. John F. Harrigan, chairman and chief executive of Union Bank, issued the internal memo to buttress employee morale following a spate of news stories that said the bank's owner, London-based Standard Chartered, was seeking a buyer for Union.
BUSINESS
August 8, 1987 | MICHAEL PARKS, Times Staff Writer
Standard Chartered, one of Britain's largest banking companies, Friday announced sale of its South African subsidiary to local investors in what will be the largest foreign divestment from this strife-torn country. Standard Chartered, whose local subsidiary is South Africa's second-largest bank, said it is selling its 39% interest in Standard Bank Investment here for the equivalent of $254 million at present exchange rates.
BUSINESS
February 13, 1988 | DOUGLAS FRANTZ, Times Staff Writer
Union Bank, which has been buffeted for months by rumors of its pending sale, Friday reported a modest profit of $56.3 million for 1987. The bank's earnings were $200,000 less than in 1986. They remained relatively flat because of growing troubles with its loan portfolio, which is dominated by lending to medium-sized businesses and real estate developers in California.
NEWS
February 17, 1988 | DOUGLAS FRANTZ, Times Staff Writer
A subsidiary of the Bank of Tokyo agreed Tuesday to acquire Union Bank of California from its British owners in a transaction that will create the second-largest foreign-owned banking company in the United States. The proposed $750-million purchase of California's fifth-largest bank, which is headquartered in Los Angeles, represents the largest direct Japanese investment in the U.S. financial services industry and is part of a growing Japanese economic presence in the U.S.
NEWS
June 7, 1987 | Compilation and analysis for the 1987 roster were provided by Maureen Perry and Cynthia Sosin of the Los Angeles Times marketing research department
KEY TO ROSTER--The corporate name of each company is followed by its founding or incorporation date in parentheses. Sales figures have been confined as closely as possible to operating revenues. They include equity in earnings of joint venture corporations as reported, but exclude nonoperating revenue such as dividends and gains from the sale of real estate. Income figures are given before extraordinary items.
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