MUFG Union Bank
| File:Union Bank logo (2017).svg | |
| Industry | Banking |
|---|---|
| Founded | Template:Plain list |
| Defunct | Template:End date and age |
| Fate | Purchased by U.S. Bancorp |
| Headquarters | 1251 Avenue of the Americas New York City, U.S. |
Key people |
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Union Bank operated as a national bank in the United States with a network of 398 branches located throughout California, Washington, and Oregon. It was a subsidiary of MUFG Americas Holdings Corporation until its acquisition by U.S. Bancorp in December 2022. The bank’s headquarters were situated in New York City, complemented by commercial branches in cities including Dallas, Houston, New York City, and Chicago, as well as maintaining two international offices.
Origins of Union Bank
Established in 1914 by Kaspare Cohn under the name Kaspare Cohn Commercial & Savings Bank in Los Angeles, the institution was renamed Union Bank & Trust Company of Los Angeles in 1918. Harry Volk, who became CEO in 1957 after joining from Prudential Insurance, introduced the pioneering one-bank holding company concept, fostering numerous banking innovations. In 1979, London-based Standard Chartered Bank acquired the bank, with Volk retiring a year later in 1980.
Development under MUFG Bank, Ltd.
The Bank of Tokyo inaugurated the Bank of Tokyo California in 1953, headquartered in San Francisco. Its expansion included the acquisition of Southern California First National Bank in 1975, after which it rebranded as California First. Subsequently, it acquired Union Bank in 1979, adopting the Union Bank name.
After the 1996 merger between Mitsubishi Bank and the Bank of Tokyo, the Bank of California merged into Union Bank, N.A., resulting in the formation of Union Bank of California, N.A., a subsidiary under the holding company UnionBanCal Corporation. In 1999, UnionBanCal launched its initial public offering on the New York Stock Exchange.
In August 2008, Mitsubishi UFJ Financial Group (MUFG) purchased the remaining 35% interest in UnionBanCal for $3.5 billion, achieving full ownership. On November 4, 2008, MUFG’s affiliate, Bank of Tokyo-Mitsubishi UFJ (BTMU), completed acquisition of all outstanding shares.
By 2014, MUFG consolidated its U.S.-based operations by merging BTMU’s American activities with San Francisco-based Union Bank, N.A. BTMU was subsequently renamed MUFG Bank, Ltd. in April 2018.
Operating under the name MUFG UnionBank through its intermediate holding entity MUFG Americas Holdings Corporation, it was an integral part of Mitsubishi UFJ Financial Group.
In December 2022, U.S. Bancorp finalized its acquisition of MUFG UnionBank for $8 billion, broadening its presence on the West Coast and enhancing its national reach.
Acquisition History
| Date | Acquired Entity | Source |
|---|---|---|
| 1864 | 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 – holding company for The Bank of California | |
| 2002 | First Western Bank | |
| 2004 | Business Bank of California | |
| 2010 | Frontier Bank | |
| 2010 | Tamalpais Bank | |
| 2012 | Pacific Capital Bancorp – holding company for Santa Barbara Bank & Trust | |
| 2013 | First Bank Association Bank Services |
Controversies
In October 2004, Union Bank reached a formal agreement with the Federal Reserve Board to circumvent criminal charges associated with money laundering activities. Later, in September 2007, the institution disbursed $31.6 million in fines to resolve allegations connected to a drug-related money laundering operation involving Mexican currency exchange businesses (casas de cambio).