NEW YORK, June 30, 2017 /PRNewswire/ -- MUFG Union
Bank, N.A., today announced that it has earned an Outstanding
rating from the Office of the Comptroller of the Currency (OCC)
following its most recent Community Reinvestment Act (CRA)
Performance Evaluation. The rating is an acknowledgement of the
bank's significant community lending, investment and service
accomplishments and demonstrates its commitment to robust
reinvestment in low- and moderate-income (LMI) communities.
Since 1977, the CRA has encouraged banks to meet the credit
needs of all of their communities, whether low-, moderate- or
high-income neighborhoods. Banks' credit and lending practices must
also be consistent with safe and sound operations. In
announcing the rating, the OCC highlighted a variety of the bank's
achievements during the evaluation period, which ran from
January 1, 2012 until December 31, 2014. These include:
- Lending levels that reflect good responsiveness to community
credit needs
- A high volume of community development loans, which were
responsive to identified needs across the bank's footprint
- Excellent levels of qualified investments focused on affordable
housing and small
- business development needs
- A good geographic distribution of loans for small businesses
and home mortgages
- An excellent distribution of branch offices that makes products
and services readily
- accessible to those of different income levels
- A satisfactory distribution of home mortgages and small
business loans made across all income and revenue levels
- Being highly responsive and employing innovative community
development services
"MUFG Union Bank is gratified by the OCC's 'Outstanding' rating,
and welcome it as validation of our intensive efforts to invest in
all facets of our marketplace, including LMI communities," said
MUFG Union Bank President and CEO Steve
Cummings. "I'm grateful to our customers, employees,
community partners and other stakeholders for their support and
collaboration to help us earn this prestigious designation."
The OCC conducted a comprehensive analysis that examined a wide
variety of elements, including MUFG Union Bank's residential
lending-related loans, small loans to businesses and farms,
community development lending and investments, branch distribution
and more.
"We consider this rating to be a meaningful validation of our
commitment to community investment to date, and inspiration for all
of us to continue ensuring that serving LMI communities remains at
the heart of our work," said Tim
Wennes, West Coast President. "Beyond a requirement of CRA,
we consider community reinvestment to be a core part of our mission
and a rewarding opportunity to put our bank's values into
action."
In calendar year 2014, the final year of the OCC's Evaluation
Period, MUFG Union Bank's CRA-related loans and activities totaled
$8.4 billion, representing 8.4
percent of the bank's average annual assets. That exceeded the
commitment established in the bank's Community Service Action Plan
(5.2 percent), as well as the Plan's aspirational target (6.5
percent). This included categories as diverse as mortgage lending
and nonprofit loans, affordable housing investments, supplier
diversity program funding and philanthropic investments.
In announcing its rating, another area highlighted by the OCC is
MUFG Union Bank's award-winning high school branch program, which
improves accessibility to bank services and products in LMI
communities and enables students to gain practical experience
related to business and finance. The student branch program has
also been linked to high graduation rates, college enrollment and
career readiness.
"The student-run branch program is a prime example of our
innovative community development at work: a win-win program that
benefits our stakeholders, LMI communities, and the bank itself,"
said Julius Robinson, the bank's
Head of Corporate Social Responsibility. "By leveraging creative
thinking and strategic collaboration with like-minded partners, we
can accelerate meaningful change in our marketplace."
At the end of the OCC's evaluation period, the bank operated
three high school branches in California. Since that time, the number of
branches has grown to five, with a sixth expected to open at the
end of 2017.
To read the MUFG Union Bank, N.A. OCC CRA Exam results click
here.
For more information about the bank's involvement in the
communities it serves, please visit,
https://www.unionbank.com/global/about/communities/community-outreach/index.jsp.
About MUFG Union Bank, N.A.
MUFG Union Bank, N.A., is
a full-service bank with offices across the United States. We
provide a wide spectrum of corporate, commercial and retail banking
and wealth management solutions to meet the needs of
customers. We also offer an extensive portfolio of
value-added solutions for customers, including investment banking,
personal and corporate trust, global custody, transaction banking,
capital markets, and other services. With assets of
$116.1 billion, as of March 31, 2017, MUFG Union Bank has strong
capital reserves, credit ratings and capital ratios relative to
peer banks. MUFG Union Bank is a proud member of the
Mitsubishi UFJ Financial Group (NYSE: MTU), one of the world's
largest financial organizations with total assets of approximately
¥303.3 trillion (JPY) or $2.7
trillion (USD)¹, as of March 31,
2017. The corporate headquarters (principal executive
office) for MUFG Americas Holdings Corporation, which is the
financial holding company and MUFG Union Bank, is in New York City. The main banking office of MUFG
Union Bank is in San Francisco,
California.
1 Exchange rate of 1
USD=¥112.19 (JPY) as of March 31,
2017
About MUFG Americas Holdings Corporation
Headquartered
in New York, MUFG Americas
Holdings Corporation is a financial holding company and bank
holding company with total assets of $149.7
billion at March 31, 2017. Its
main subsidiaries are MUFG Union Bank, N.A. and MUFG Securities
Americas Inc. MUFG Union Bank, N.A. provides an array of financial
services to individuals, small businesses, middle-market companies,
and major corporations. As of March 31,
2017, MUFG Union Bank, N.A. operated 365 branches, comprised
primarily of retail banking branches in the West Coast states,
along with commercial branches in Texas, Illinois, New
York and Georgia, as well
as two international offices. MUFG Securities Americas Inc. is a
registered securities broker-dealer which engages in capital
markets origination transactions, private placements,
collateralized financings, securities borrowing and lending
transactions, and domestic and foreign debt and equities securities
transactions. MUFG Americas Holdings Corporation is owned by The
Bank of Tokyo-Mitsubishi UFJ, Ltd. and Mitsubishi UFJ Financial
Group, Inc. The Bank of Tokyo-Mitsubishi UFJ, Ltd. is a
wholly-owned subsidiary of Mitsubishi UFJ Financial Group, Inc.,
which is one of the world's leading financial groups. Visit
www.unionbank.com or www.mufgamericas.com for more information.
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SOURCE MUFG Union Bank, N.A.