, parent company of Union Bank of California, has signed an agreement for Union Bank to acquire Valencia Bank
in a transaction valued at $62 million.
"This is the right strategic move for us," stated Richard Hartnack, vice chairman of Union Bank and head of community banking and investment services. "We continue to strengthen our franchise in a number of ways and this acquisition of Valencia Bank gives us access to the fastest growing market in Los Angeles County."
Valencia Bank's customers will be offered a wide range of additional products and services, including mutual funds, trust services, annuities, retail brokerage and treasury services.
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