MUFG Union Bank

MUFG Union Bank, N.A.
Subsidiary
Industry Banking
Founded 1864 (as The Bank of California)
1996 (as Union Bank of California)
2008 (as UnionBank)[1]
Headquarters 1251 Avenue of the Americas
New York, New York[1]
Key people
  • Kanetsugu Mike (Executive Chairman)
  • Stephen Cummings (President and CEO)
  • John Woods (CFO)
Total assets $106.7 billion (USD).[1]
Number of employees
 Over 10,000[2]
Parent The Bank of Tokyo-Mitsubishi UFJ through MUFG Americas Holdings Corporation
Website www.unionbank.com
www.mufgamericas.com

MUFG Union Bank (stylized as UnionBank) is an American full-service bank with 398 branches in California, Washington and Oregon which is wholly owned by The Bank of Tokyo-Mitsubishi UFJ.[3] The bank, formerly known as Union Bank of California, N.A., has operations in California, Washington and also has commercial branches in Dallas, Houston, New York City and Chicago, as well as two international offices. Headquartered in New York City, MUFG Union Bank, N.A. is a subsidiary of holding company MUFG Americas Holdings Corporation and a member of the Mitsubishi UFJ Financial Group (NYSE: MTU).[3]

As of December 31 2014, MUFG Americas Holdings Corporation had $113.7 billion (USD) in assets and the Mitsubishi UFJ Financial Group had total assets of approximately $2.3 trillion (USD).[1] Its foundation is built on five lineages; three originate in California and two in Japan.[4]

History

The Bank of Tokyo-Mitsubishi UFJ

The former Union Bank logo used from 1996 prior to the 2008 rebranding.

In April 1996, Mitsubishi Bank and the Bank of Tokyo merged in Japan. In San Francisco, the Bank of California and Union Bank consolidated into UnionBanCal Corporation, a bank holding company, and its primary subsidiary Union Bank of California, N.A. With the merger, Union Bank could now trace its history back to the founding of the Bank of California 132 years before. In 1999, UnionBanCal Corporation became a publicly traded company listed on the New York Stock Exchange (NYSE:UB).[5]

In August 2008, Mitsubishi UFJ offered to buy the 35 percent of Union Bank it did not already own, which Union Bank accepted.[6] On November 4, 2008, the Bank of Tokyo-Mitsubishi UFJ (BTMU), a wholly owned subsidiary of Mitsubishi UFJ Financial Group (MUFG), announced that BTMU had successfully acquired all of the outstanding shares of UnionBanCal Corporation.[7]

In 2014, MUFG integrated the U.S. operations of its subsidiary The Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU) with those of San Francisco-based Union Bank, N.A.[8]

Acquisitions and their Founding Dates

1864 The Bank of California 1883 First National Bank 1905 The London and San Francisco Bank 1918 The Bank of Personal Service 1952 The Bank of Tokyo of California 1958 Union Bank 1967 Southern California First National Bank 1972 Mitsubishi Bank of California 1975 California First Bank 1988 BankCal - The Bank of California


In 2009, Union Bank opened a branch in Texas, with plans to expand.[9]

On April 30, 2010, Union Bank, N.A., acquired certain assets and assumed certain liabilities of Everett, Washington-based Frontier Bank in a purchase and assumption agreement with the Federal Deposit Insurance Corporation (FDIC).[10] Twelve officers and corporate directors of Frontier Bank are facing a $46 million damage lawsuit filed by the FDIC.[11]

Also in April, Union Bank acquired the assets of Tamalpais Bank in Marin County, including seven branches. Federal regulators sold Tamalpais' assets to Union Bank, which rebranded all the acquired branches.[12]

In 2012, Union Bank announced its acquisition of Pacific Capital Bancorp, which operated under the name Santa Barbara Bank & Trust, for $1.5 billion.[13]

A branch in Los Angeles, California

In 2013, Union Bank completed the acquisition of First Bank Association Bank Services, which provides a full range of banking services to homeowners associations and community management companies. The acquisition brought to Union Bank approximately $550 million in deposits.

Corporate social responsibility

Union Bank Foundation

The Union Bank Foundation strategically funds community and regional initiatives that will position the Foundation as an innovator of partnerships and a grant-maker helping to create and sustain healthy communities.

The Foundation proactively invests in the communities in which the bank and its businesses operate, targeting its resources to benefit low- to moderate-income populations. In order to achieve greater impact in the targeted communities, the Foundation focuses on the strategic program categories of community economic development, affordable housing, education and the environment.[14]

Community Reinvestment Act

Union Bank's Board of Directors approves the bank's Community Service Action Plan (CSAP), which is used to ensure the bank's compliance with Community Reinvestment Act requirements. The CSAP targets seven key areas for support and services: affordable housing, banking services, community outreach, corporate contributions, low-income consumer loans, small business loans and assistance, and supplier diversity.[15]

References

  1. 1 2 3 4 "MUFG Union Bank, N.A. Corporate Profile" (PDF).
  2. ↑ https://www.snl.com/irweblinkx/corporateprofile.aspx?IID=1022285
  3. 1 2 MITSUBISHI UFJ FINANCIAL GROUP INTEGRATES OPERATIONS IN AMERICAS, UNITING UNDER ONE COMMERCIAL BANK AND BANK HOLDING COMPANY
  4. ↑ https://www.unionbank.com/global/about/company-profile/history/index.jsp
  5. ↑ https://www.unionbank.com/company_information/company_information/company_profile/history_and_timeline.jsp
  6. ↑ The Economist August 23, 2008 edition. U.S. edition. Page 7.
  7. ↑ "Japanese Bank Buys Rest of UnionBanCal". The New York Times. August 19, 2008. Retrieved May 26, 2010.
  8. ↑ Welcome to MUFG Americas
  9. ↑ Union Bank launching statewide growth from DFW
  10. ↑ https://www.unionbank.com/company_information/company_information/news/press_release_index/press_releases/pacific_northwest.jsp
  11. ↑ "Former Mastro property in Redmond sells for $3.5 million".
  12. ↑ http://www.marinij.com/ci_14901330?IADID=Search-www.marinij.com-www.marinij.com
  13. ↑ SBB&T will rebrand in $1.5 billion deal
  14. ↑ https://www.unionbank.com/demos/uboc_flash/uboc_flash.jsp
  15. ↑ https://www.unionbank.com/company_information/company_information/community_reinvestment/community_service_action_plan_commitment/index.jsp

External links

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