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Santa Clarita CA
Today in
S.C.V. History
September 19
1863 - Gen. Edward F. Beale loans money to A.A. Hudson and Oliver P. Robbins to erect toll house in Newhall Pass [story]

Union Bank’s corporate parent posted second-quarter net profits of $242 million, up 3 percent from its first-quarter totals ($235 million) and 57 percent on the year ($154 million).

The results were driven by higher demand for home and business loans, lower interest rates paid to demand account holders, and a reduction of non-interest expenses.

UnionBanCal Corp. cut nonperforming assets to $678 million (0.86 percent of total assets) from $815 million (1.03 percent) three months earlier.

The decrease in non-interest expense was primarily driven by the fact that the bank holding company set aside a large contingency reserve during the first quarter of 2011 and recorded the expense at that time.

Average total loans increased 1 percent on the quarter and 2 percent on the year, reflecting growth in residential mortgage loans and commercial-industrial loans.

The bank shed costly transaction and money market deposit accounts by cutting interest rates paid to account holders, who responded as expected and pulled out their money. As a result, average interest-bearing deposits decreased by 5 percent ($2 billion) on the quarter and 24 percent on the year.

The rate cut, coupled with a higher yield on securities, improved the company’s net interest margin by 33 basis points.

As of June 30, San Francisco-based UnionBanCal Corp. showed assets of $80.1 billion. Its primary subsidiary is Union Bank N.A., formerly Union Bank of California, which operates 403 branches in California, Washington, Oregon and Texas, including offices in Santa Clarita that once belonged to Valencia Bank & Trust. Union Bank acquired Valencia Bank in 2002.

Union Bank dropped “of California” from its name in 2008 when it became a wholly owned subsidiary of the Bank of Tokyo-Mitsubishi UFJ Ltd., a subsidiary of Mitsubishi UFJ Financial Group Inc.

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