BANKING & FINANCE - Jan. 30, 1996

Banks to Close 21 Branches After Merger: Union Bank and Bank of California, controlled by Japanese banks that are merging, will combine to form Union Bank of California on April 1. Among the branches to be closed are seven in Los Angeles County, four in the San Francisco Bay Area and six in San Diego County, the banks said. The closings will occur later this year. The banks said in September that they intended to eliminate 850 of nearly 10,000 jobs and to reduce annual operating costs by $90 million in two years. Union Bank, with assets of $19.5 billion, now has 211 branches, all in California. Bank of California, with assets of $8 billion, has 46 branches in California, Oregon and Washington. Union Bank is 72%-owned by Bank of Tokyo Ltd.; Bank of California is wholly owned by Mitsubishi Ltd.