Union Bank, N.A., formerly known as Union Bank of California, N.A., is a full-service commercial bank providing an array of financial services to individuals, small businesses, middle-market companies, and major corporations. Headquartered in San Francisco, Union Bank is a subsidiary of UnionBanCal Corporation.
According to the FDIC summary of deposits on June 30, 2010, Union Bank is the eighteenth largest bank in the United States and is California’s third-largest bank by deposits. The bank has 403 banking offices in California, Oregon, Washington, and Texas and two international offices. UnionBanCal Corporation is a wholly owned subsidiary of The Bank of Tokyo-Mitsubishi UFJ, Ltd., which is a subsidiary of Mitsubishi UFJ Financial Group, Inc. (NYSE: MTU).
On December 18, 2008, Union Bank of California, N.A. officially changed its name to "Union Bank, N.A." It also announced to customers in June 2009 that it would officially retire its red box logo and adopt a new corporate logo and image, which was launched on July 20.
Union Bank was the first major California bank to offer seven-day-a-week banking when it opened its first supermarket branches in 1990; it now maintains 50 in-store branches. The bank has 608 ATMs throughout the U.S. It is a member of the STAR and CIRRUS systems. CIRRUS, Plus, MasterCard, VISA, Discover Card, and American Express cardholders can access Union Bank’s ATMs. The bank also belongs to the Star and Maestro point of sale networks.
HighMark Capital Management is Union Bank’s investment management subsidiary. The unit manages more than $16.1 billion in assets. The bank offers 25 proprietary mutual funds called HighMark Funds.
In the early 1900s, Kaspare Cohn, a German immigrant with a fabric and clothing business, established Kaspare Cohn Commercial & Savings Bank in Los Angeles. In 1918, Kaspare Cohn Commercial & Savings Bank was renamed Union Bank & Trust Company of Los Angeles.
Union Bank & Trust Company of Los Angeles, under the direction of Harry Volk, shortened its name to Union Bank in 1958. The bank became a one-bank holding company, Union Bancorp, in 1967. That same year Union Bank formed its own wholly owned venture capital subsidiary Union Ventures, under the direction of its founder Donald Prell. Then in 1979 Standard Chartered Bank of London acquired Union Bank.