UnionBanCal Corporation (NYSE:UB) yesterday announced that its Union Bank of California, N.A., subsidiary has signed a definitive agreement to acquire San Diego-based John Burnham & Company, dba John Burnham Insurance Services, one of the nation's largest privately held commercial insurance brokerages. Terms of the transaction were not disclosed.
The purchase reflects the bank's strategy to provide added value to its commercial customers by offering a broader range of business and financial services. The deal marks the second insurance company acquisition for Union Bank, following the purcha...
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