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UNION BANK VICE CHAIRMAN JOHN F. WOODS APPOINTED CHIEF FINANCIAL OFFICER, SUCCEEDING DAVID I. MATSON
For Immediate Release
Stephen L. Johnson
Daniel W. Weidman
San Francisco, December 2, 2009 -- UnionBanCal Corporation and its primary subsidiary, Union Bank, N.A. today announced that Vice Chairman John F. Woods has officially assumed the duties of Chief Financial Officer, effective December 1, 2009. He succeeds the retiring David I. Matson, completing a transition plan announced earlier this year.
"Since joining our bank in October, John has shown a very impressive grasp of our bank, its culture, and its processes," said Masaaki Tanaka, Union Bank's President and Chief Executive Officer. "I am confident that his considerable background will also help us to successfully meet the challenges and opportunities that lie ahead."
Prior to joining Union Bank, Woods served as Chief Financial Officer of JP Morgan Chase's Home Lending business, an enterprise with approximately $300 billion in assets and more than $100 billion in mortgage originations annually.
In his new position as CFO, Woods takes on the duties previously performed by Matson, a veteran of more than 30 years with the bank, who will retire February 26, 2010.
"For three decades, David has served us with distinction," Tanaka observed. "He has been a key player in our successes and is largely responsible for our ability to effectively deal with the challenges presented by the current economy. We appreciate his contributions and wish him the best in retirement."
Woods is a graduate of the University of Virginia who began his financial career in 1986 as a staff accountant with Arthur Andersen in Washington D.C. Over a 16-year period he rose to partner and was instrumental in building the firm's Mid-Atlantic practice by providing risk management-related services to a variety of financial institutions.
From 2002 to 2005, Woods was a senior vice president with the Federal Home Loan Mortgage Corporation (Freddie Mac), advancing to Corporate Controller. He joined Washington Mutual, Inc. (WaMu) in 2005 as Corporate Controller and was appointed CFO of its home loan division in 2007. When that company was acquired by JP Morgan Chase, Woods and his team were integral to merging various aspects of the mortgage businesses.
Matson joined Union Bank in 1976 as manager of its equipment leasing operations and advanced through a number of senior positions in middle market lending, corporate and merchant banking, and cash management and deposit services. In 1996, he served as integration manager for the combination of Union Bank and The Bank of California into the Union Bank of California.
A year later Matson assumed executive responsibility for the bank's Financial Management Group and subsequently was elected as Vice Chairman and Chief Financial Officer of the company. In this capacity he has overseen Union Bank's controller's office, corporate tax, strategic and financial planning, corporate development, and treasury and corporate services. These units will now report to Woods.
About UnionBanCal Corporation & Union Bank, N.A.
Headquartered in San Francisco, UnionBanCal Corporation is a financial holding company with assets of $78.2 billion at September 30, 2009. Its primary subsidiary, Union Bank, N.A., is a full-service commercial bank providing an array of financial services to individuals, small businesses, middle-market companies, and major corporations. The bank has 337 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. Union Bank is a proud member of the Mitsubishi UFJ Financial Group (MUFG, NYSE:MTU), one of the world's largest financial organizations. Visit www.unionbank.com for more information.