Santa Barbara Bank & Trust Acquisition – FAQ
Q: Has Union Bank acquired Santa Barbara Bank & Trust?
A: On March 12, 2012, Union Bank was pleased to announce that we entered into a definitive agreement to acquire Santa Barbara Bank & Trust in the Central Coast area of California. A definitive agreement is an agreement between the buyer and seller of an asset that states the terms of the sale and certain conditions that must be met before the sale closes. Provided certain conditions are met, we anticipate that the transaction will close before year-end.
Q: Why has Union Bank taken this action?
A: This is an important combination of two firms committed to ensuring the future of local banking in our Central Coast communities. The combined firm will provide credit and banking services fundamental to economic development in California. By joining together, we will provide expanded capabilities and tangible benefits for the people and communities served by Santa Barbara Bank & Trust. The acquisition will provide Union Bank with an important link in its coverage of California. Additionally, the combination of our banks will provide Santa Barbara Bank & Trust customers with access to a larger retail network and expand their Business Banking, Commercial Banking, and Wealth Management choices.
Q: I am a customer of Union Bank. How will this acquisition affect me?
A: There is no immediate effect on you. You may continue to conduct your banking with us just as you’ve always done.
Q: I am a customer of Santa Barbara Bank & Trust. What will happen to my accounts?
A: At this time, your accounts and other financial services with Santa Barbara Bank & Trust remain unchanged. We anticipate that the planning for combining the two banks will begin later this year, with the formal transition occurring in 2013.
Please be assured that your needs and the needs of all our customers will be our top priority in this process. We will be in touch with you well in advance to advise you about the conversion of your accounts and other services to Union Bank.
Q: Is there anything I need to do now?
A: No, there is nothing you need to do at this time. Please continue to bank at the same branches, ATMs, and websites you use today, as well as make loan payments as usual. You can continue to use the same checks, ATM cards, debit cards, and deposit slips. We will contact you well in advance about any actions you need to take.
Q: Who should I contact if I have questions?
A: Please reach out to your usual contacts at Santa Barbara Bank & Trust for assistance with your existing accounts, loans, and other financial services.