MUFG Union Bank (stylized as UnionBank), is a nationally chartered full-service

bank A bank is a financial institution that accepts Deposit account, deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital m ...

with 398 branches in California, Washington and Oregon which was wholly owned by MUFG Americas Holdings and has been acquired by U.S. Bancorp. Formerly known as ''Union Bank of California, N.A.'', the bank also has commercial branches in Dallas, Houston, New York City and Chicago, as well as two international offices. Headquartered in

New York City New York, often called New York City or NYC, is the most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the most densely populated major city in the Un ...

, MUFG Union Bank, N.A. is a subsidiary of intermediate

holding company A holding company is a company whose primary business is holding a controlling interest in the securities of other companies. A holding company usually does not produce goods or services itself. Its purpose is to own shares of other companies ...

, MUFG Americas Holdings Corporation, and a member of the

Mitsubishi UFJ Financial Group is a Japanese bank holding and financial services company headquartered in Chiyoda, Tokyo, Japan. MUFG holds assets of around US$3.1 trillion as of 2016 and is one of the "Three Great Houses" of the Mitsubishi Group alongside Mitsubishi Corp ...

(). As of December 31, 2021, MUFG Americas Holdings Corporation had US$163 billion in assets and the Mitsubishi UFJ Financial Group had total assets of approximately US$3.4 trillion. Its foundation is built on six lineages; three originating in California and three in Japan (

Bank of Tokyo was a Japanese foreign exchange bank that operated from 1946 to 1996. In January 1996, it merged with Mitsubishi Bank to form The Bank of Tokyo-Mitsubishi (now MUFG Bank). Its headquarters was in the Nihonbashi district of Tokyo, adjacent to th ...

Mitsubishi Bank was a major Japanese bank that served as the main bank for the Mitsubishi conglomerate/''keiretsu''. It merged with The Bank of Tokyo in 1996 to form The Bank of Tokyo-Mitsubishi (now MUFG Bank). The bank's operations date to 1880, when Mitsubi ...

and

UFJ Bank UFJ, which stands for the United Financial of Japan, is used in the former companies of UFJ Bank, UFJ Group, and UFJ Holdings. These related institutions disappeared after the merger of The Bank of Tokyo-Mitsubishi and UFJ Bank in 2005. UFJ Bank ...

History

Union Bank

In 1914, Kaspare Cohn founded Kaspare Cohn Commercial & Savings Bank in

Los Angeles Los Angeles ( ; es, Los Ángeles, link=no , ), often referred to by its initials L.A., is the List of municipalities in California, largest city in the U.S. state, state of California and the List of United States cities by population, sec ...

. It was renamed Union Bank & Trust Company of Los Angeles in 1918. Harry Volk was recruited from Prudential Insurance Company as the bank's new CEO in 1957 and pioneered the use of the one-bank holding company, among other banking innovations. Volk retired in 1980 after the purchase of the bank by London-based Standard Chartered Bank in 1979.

MUFG Bank, Ltd.

Meanwhile, the

established the Bank of Tokyo California in 1953 in

San Francisco San Francisco (; Spanish for " Saint Francis"), officially the City and County of San Francisco, is the commercial, financial, and cultural center of Northern California. The city proper is the fourth most populous in California and 17th ...

. In 1975, Bank of Tokyo California purchased San Diego's Southern California First National Bank, shortening its name to California First. Four years later Bank of Tokyo California, via California First, took over Union Bank and adopted its name. In May 1996,

and the

merged in Japan. In San Francisco, the Bank of California, N.A. merged with and into Union Bank, N.A., and the merged entity, Union Bank of California, N.A. became a direct subsidiary of the

bank holding company A bank holding company is a company that controls one or more banks, but does not necessarily engage in banking itself. The compound bancorp (''banc''/''bank'' + '' corp ration') is often used to refer to these companies as well. United States ...

UnionBanCal Corporation MUFG Americas Holdings Corporation (formerly known as UnionBanCal Corporation) is an intermediate bank holding company based in New York City. It is the parent company of MUFG Union Bank, N.A. and MUFG's consolidated U.S. operations. MUFG Ameri ...

. 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 The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District of Lower Manhattan in New York City. It is by far the world's largest stock exchange by market capitalization of its listed ...

(NYSE:UB). In August 2008, Mitsubishi UFJ offered to buy the 35 percent of Union Bank it did not already own, which Union Bank accepted. 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. 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.Welcome to MUFG Americas
/ref> In April 2018, the Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU) was renamed to MUFG Bank, Ltd.

Controversies

On October 19, 2004, the Federal Reserve Board announced that Union Bank had entered into a written agreement to avoid criminal prosecution for money laundering. Three years later, Union Bank was again accused of money-laundering and in September 2007, the

Department of Justice A justice ministry, ministry of justice, or department of justice is a ministry or other government agency in charge of the administration of justice. The ministry or department is often headed by a minister of justice (minister for justice in a ...

and the Treasury Department announced that Union Bank had agreed to pay $31.6 million in penalties and forfeitures to settle government claims that it had been implicated in an elaborate drug money laundering scheme involving Mexican exchange houses known as casas de cambio.

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 * 1957 Occidental Savings & Commercial Bank (North Hollywood) * 1958 Union Bank * 1967 Southern California First National Bank * 1972 Mitsubishi Bank of California * 1975 California First Bank * 1984 Bancal Tri-State Corporation –

for The Bank of California * 2002 First Western Bank * 2004 Business Bank of California * 2010 Tamalpais Bank – per purchase and assumption agreement with the FDIC * 2010 Frontier Bank – per purchase and assumption agreement with the FDIC * 2012 Pacific Capital Bancorp –

for Santa Barbara Bank & Trust In 2009, Union Bank opened a commercial branch in Texas, with plans to expand. 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 The Federal Deposit Insurance Corporation (FDIC) is one of two agencies that supply deposit insurance to depositors in American depository institutions, the other being the National Credit Union Administration, which regulates and insures cr ...

(FDIC). Twelve officers and corporate directors of Frontier Bank are facing a $46 million damage lawsuit filed by the FDIC. 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. In 2012, Union Bank announced its acquisition of Pacific Capital Bancorp, which operated under the name Santa Barbara Bank & Trust, for $1.5 billion. 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. In 2021, U.S. Bancorp announced that it has agreed to buy MUFG Union Bank's core retail banking operations for approximately $8 billion in cash and stock. In September 2022, MUFG Union Bank and US Bank mutually agreed to extend the termination date of the merger from September 30 to December 31, 2022. The deal closed in December 2022.

PurePoint Financial: Savings Only Division

PurePoint Financial, the savings only division of MUFG Union Bank, offers high interest rates on savings accounts and certificates of deposit.

Corporate social responsibility

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.

References

External links

* {{Authority control, state=expanded 1996 establishments in California American companies established in 1996 American subsidiaries of foreign companies Banks based in California Banks established in 1996 Companies based in San Francisco Financial District, San Francisco Mitsubishi companies Mitsubishi UFJ Financial Group 2022 mergers and acquisitions U.S. Bancorp