UnionBanCal Corporation Announces Regulatory Approval for Purchase of Pacific Capital BancorpCharles GrossBenzinga
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
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