Union Bank (previously known as Union Bank of California) is a commercial bank that offers full-scale services such as private banking, insurance, investment and financial management, global custody, and trust services. With its headquarters in San Francisco, the bank records more than 10,000 employees, maintains a primary data center in Monterey Park, California, and listed among the top 25 largest banks in the United States.
History of Union Bank
The United Bank of California was established by the merge of two banks—Union Bank and the Bank of California in San Francisco. The consolidation gives birth to UnionBanCal Corporation—a bank holding company and Union Bank of California—its primary subsidiary.
With the union, UBOC can trace its origin to the establishment of the Bank of California 132 years prior.
Union Bank of California—formed by the merger of Union Bank and the bank of California in 1906—contributed immensely to the development of San Francisco, the West, and a history connected to the earthquake that happened in 1906.
The Bank of California (established in 1864) moved to a temporary headquarters a few months before the earthquake meanwhile a big, new facility was constructed on the initial site—at Sansome streets and the corner of California.
The temporary facility suffered a fatal attack from the earthquake in which only the bank’s vault and its contents survived. Despite the destruction, the Bank of California’s in its commitment keeps serving the people of San Francisco. Even, Homer King, the bank president opened a branch in his Pacific Heights living room. After six weeks of the earthquake destruction, work on the new headquarters continued.
The Bank of California, one of the notable financiers contributing to the reconstruction of the structure and rebuild of western commerce opened its new building on 8 September 1908. The building architecture was modeled after the Greco-Roman style and situated on the corner on which it had existed for more than 40 years. However, it became San Francisco Landmark N0 3 in 1968.
Mitsubishi proposed to buy 35% out of Union Bank’s shares in August 2008 to which Union Bank agreed. The Bank of Tokyo-Mitsubishi UFJ (BTMU) announced on November 4, 2008 that it had completed the acquisition of all the outstanding shares which belongs to UnionBanCal Corporation.
In May 2014, Union Bank of California announced to change its legal name (Union Bank N.A.) to and be known as MUFG Union Bank, N.A starting from July 1, 2014. MUFG merged its subsidiary’s operation in the U.S—the Bank of Tokyo-Mitsubishi UFJ (BMTU)—with San Francisco-based Union Bank, N.A. In April 2018. BTMU got a new name—MUFG Bank, Ltd—in April 2018.
UnionBanCal, in 1999, turned into a publicly-traded company listed on the NY Stock Exchange, which is now traded as NYSE: MUFG.
By December 31, 2005, UnionBanCal has $49.4 billion worth of assets. In the same year, its primary subsidiary, Union Bank of California, N.A., holds 325, three, and one banking offices in California, Washington, and Oregon, respectively. To achieve success, stability, growth, and maintain a balance, the bank believes in living their values which will enable them to have a positive impact on every organization, community, and individual.