Fed OKs Mitsubishi UFJ purchase of Pacific Capital

WASHINGTON Wed Nov 14, 2012 3:00pm EST

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.