Fed OKs Mitsubishi UFJ purchase of Pacific Capital
WASHINGTON Nov 14 (Reuters) - The U.S. Federal Reserve said on Wednesday it had approved UnionBanCal Corp's plan to purchase Pacific Capital Bancorp.
UnionBanCal, a unit of Mitsubishi UFJ Financial Group , said in March that it would buy Pacific Capital for $46 a share. Pacific Capital's stock was trading at $45.88 a share on Wednesday afternoon.
The Fed said its board had approved both the acquisition and the proposed merger of Pacific Capital with UnionBanCal.
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