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99 Fed. Res. Bull. 1 (2013)

handle is hein.journals/fedred99 and id is 1 raw text is: Legal Developments: Fourth Quarter, 2012 Orders ssued Under Bank Holding Company Act Orders Issued Under Section 3 of the Bank Holding Company Act Mitsubishi UFJ Financial Group, Inc. Tokyo, Japan The Bank of Tokyo-Mitsubishi UFJ, Ltd. Tokyo, Japan UnionBanCal Corporation San Francisco, California Order Approving the Acquisition ofa Bank Holding Compan y and the Merger of Bank Holding Comipanie. S FRB Order No. 2012 12 November 14. 2012) Mitsubishi UFJ Financial Group, Inc. (MUFG) and its wholly owned subsidiaries, The Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU) and UnionBanCal Corporation (Union- BanCal and, collectively with MUFG and BTMU, Applicants), have requested the Board's approval under section 3 of the Bank Holding Company Act (BHC Act)' to acquire Pacific Capital Bancorp (Pacific Capital) and thereby indirectly acquire its sub- sidiary bank, Santa Barbara Bank & Trust, N.A. (SBBT), both of Santa Barbara, California. In addition, UnionBanCal has requested the Board's approval under section 3 of the BHC Act to merge with Pacific Capital.' Notice of the proposal, affording interested persons an opportunity to submit comments, has been published (77 Federal Register 23249 (April 18, 2012)). The time for filing com- ments has expired, and the Board has considered the proposal and all comments received in light of the factors set forth in section 3 of the BHC Act. MUFG, with total consolidated assets of approximately $2.8 trillion, is the largest banking organization in Japan.3 MUFG engages in banking activities in the United States through BTMU and Mitsubishi UFJ Trust and Banking Corporation (MUTB), also of Tokyo. BTMU controls UnionBanCal and operates branches, an agency, and representative offices 12 U.S.C. §1842. After the transaction, Applicants plan to merge SBBT with and into UnionBanCal's only subsidiary depository institution, Union Bank N.A. (Union Bank), San Francisco. The Office of the Comptroller of the Currency (OCC) has approved the proposed merger of SBBT with and into Union Bank, pursuant to the Bank Merger Act and the National Bank Act. 12 U.S.C. § 1828(c) and 12 U.S.C. § 215a. National deposit, asset, and ranking data are as of June 30, 2012. MUFG also owns a noncontrolling interest in Morgan Stanley, New York, New York.

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