November 14, 2012 / 8:03 PM / 5 years ago

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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