BizFed member Union Bank, and its parent company UnionBanCal Corp., have received final regulatory approval for the $1.5 billion purchase of Santa Barbara based Pacific Capital Bancorp, adding 45 branches and significantly expanding Union Bank’s geographic footprint to important areas of the Central Coast.
Legal closing date is expected Dec. 1, and comes after approval by the Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency, and clearance by the Japan Financial Services Agency.