Initially announced on 12 March 2012, the agreement had earlier received clearance from the Japan Financial Services Agency.
Following the purchase of PCBC and its subsidiary Santa Barbara Bank & Trust (SBBT), UNBC’s commercial banking subsidiary Union Bank will get 45 branches that are expected to boost its presence in Central Coast region.
The acquirer will also receive $3.7bn in loans held for investment and $4.7bn in deposits as on 30 September 2012, which strengthen its ability to offer community banking, consumer, commercial and small business lending, and wealth management services.
The registration of PCBC’s common stock under the Securities Exchange Act of 1934, as amended, will be terminated, following the closing of transaction.
Having assets of $88.2bn on 30 September 2012 and headquartered in San Francisco, UnionBanCal serves individuals, small businesses, middle-market companies, and major corporations, through its banking subsidiary.
UnionBanCal is a wholly-owned subsidiary of The Bank of Tokyo-Mitsubishi UFJ, which in turn is controlled by Mitsubishi UFJ Financial Group.
