- Corporate Profile
- Corporate Governance
- Investor Relations
- Board of Directors
- Policy-Making Officers
- Diversity and Culture
- Corporate Social Responsibility
- Serving Communities
- Environmental Sustainability
- Social Media
UNION BANK EXPANDS IN THE PACIFIC NORTHWEST THROUGH ACQUISITION OF CERTAIN ASSETS AND ASSUMPTION OF CERTAIN LIABILITIES OF FRONTIER BANK
For Immediate Release
Stephen L. Johnson
(415) 765-3252 - office
(415) 320-2295 - mobile
Daniel W. Weidman
(213) 236-4050 - office
(818) 389-0663 - mobile
Through A Transaction With The FDIC, Union Bank Adds Approximately $3.2 Billion in Total Assets, Approximately $2.5 Billion in Deposits and 50 Branch Offices
San Francisco, April 30, 2010 - UnionBanCal Corporation today announced that its primary subsidiary, Union Bank, N.A., acquired certain assets and assumed certain liabilities of Everett, Washington-based Frontier Bank in a purchase and assumption agreement with the Federal Deposit Insurance Corporation (FDIC). The acquisition follows a decision by the Washington State Department of Financial Institutions to close Frontier Bank and appoint the FDIC as receiver.
Union Bank acquired approximately $3.2 billion in total assets, including approximately $2.8 billion in loans and other real estate owned, which are covered under a loss-share agreement with the FDIC. Union Bank also assumed approximately $2.5 billion in deposits.
Frontier Bank had its headquarters in the city of Everett in metropolitan Seattle. The former Frontier Bank has 47 branch offices in western Washington, and three branch offices in Oregon: Portland, Salem and Tigard, and a loan production office in Keizer, Oregon. Frontier Bank's branches, all of which maintained Monday through Friday business hours, will reopen as Union Bank branches under their normal business hours on Monday, May 3, 2010. Depositors will automatically become depositors of Union Bank. Since deposits will continue to be insured by the FDIC, there is no need for customers to change their banking relationship to retain their deposit insurance coverage.
"Union Bank has had loyal customers and a presence in the Pacific Northwest for more than 100 years, beginning with its predecessor bank, The Bank of California," said Union Bank President and Chief Executive Officer Masaaki Tanaka. "We have been looking for the right opportunity to expand in the region for some time and Frontier Bank’s commercial and consumer businesses match well with our own, particularly in retail and corporate banking, and wealth management. Our efforts to grow in the region will be balanced by our deep commitment to employees, customers and the communities we serve," concluded Tanaka.
Frontier Bank's FDIC-insured deposit accounts will remain insured just as they were before the acquisition. Frontier Bank customers will retain complete access to their money, and furthermore, the financial strength of Union Bank stands behind all acquired deposits, Tanaka noted.
Over the weekend, depositors can continue to access their money by writing checks or using ATM or debit cards. Checks drawn on Frontier Bank will continue to be processed, and loan customers should continue making their payments as usual. Frontier Bank customers should continue to use their existing branches, pending the integration of the two organizations' systems.
Frontier Bank customers who have questions about the transaction can call the FDIC's West Coast customer service center toll-free at (800)823-4939. The phone number will be operational this evening until 9:00 p.m. Pacific Daylight Time (PDT); on Saturday from 9:00 a.m. to 6:00 PDT; on Sunday from noon to 6:00 PDT and thereafter from 8:00 a.m. to 8:00 p.m. PDT.