Market Overview

UnionBanCal Corporation Announces Regulatory Approval for Purchase of Pacific Capital Bancorp

UnionBanCal Corporation (“UNBC”) and its primary subsidiary, Union Bank,
N.A. (“Union Bank”), today announced that UNBC has received approval
from the Board of Governors of the Federal Reserve System and the Office
of the Comptroller of the Currency for its $1.5 billion purchase of
Pacific Capital Bancorp (“PCBC”), a bank holding company headquartered
in Santa Barbara, California. This action follows the Japan Financial
Services Agency's clearance of the transaction. The transaction was
previously announced on March 12, 2012. UNBC has also set its
anticipated legal closing date for December 1, 2012.

By acquiring PCBC and its primary subsidiary, Santa Barbara Bank &
Trust, N.A. (“SBBT”), Union Bank adds 45 branches, significantly
expanding its geographic footprint

See full press release

Posted-In: News Guidance Asset Sales Management Stock Split M&A Global

 

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