Union Bank

In 1914, Kaspare Cohn founded Kaspare Cohn Commercial & Savings Bank in Los Angeles. It was renamed Union Bank & Trust Company of Los Angeles in 1918. Harry Volk was recruited from Prudential Insurance Company as the bank's new CEO in 1957 and pioneered the use of the one-bank holding company,^[1] among other banking innovations. ^[2] Volk retired in 1980 after the purchase of the bank by London-based Standard Chartered Bank in 1979.

MUFG Bank, Ltd.

In May 1996, Mitsubishi Bank and the Bank of Tokyo merged.^[3]

In August 2008, Mitsubishi UFJ offered to buy the 35% of Union Bank it did not already own, which Union Bank accepted.^[4][5]

On November 4, 2008, the Bank of Tokyo-Mitsubishi UFJ (BTMU), a wholly owned subsidiary of Mitsubishi UFJ Financial Group (MUFG), announced that BTMU had successfully acquired all of the outstanding shares of UnionBanCal Corporation.^[6]

In 2014, MUFG integrated the U.S. operations of its subsidiary The Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU) with those of San Francisco–based Union Bank, N.A.^[7]

In April 2018, the Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU) was renamed to MUFG Bank, Ltd.^[8]

When it was called MUFG UnionBank, it was a subsidiary of intermediate holding company, MUFG Americas Holdings Corporation, and a member of the Mitsubishi UFJ Financial Group.^[9]

In December 2022, the bank was acquired by U.S. Bancorp for $8 billion.^{[10][11][12][13][14][15]}

Acquisitions