SAN FRANCISCO--(BUSINESS WIRE)--Union Bank, N.A., today announced that Michael Mortensen has joined the company’s brokerage subsidiary, UnionBanc Investment Services, LLC. (UBIS), as chief executive officer. Mortensen, who had an 18-year career with Pittsburgh-based PNC Investments, LLC and PNC Brokerage, most recently served as president and chief executive officer of PNC Investments, the full-service, retail brokerage division of the PNC Financial Services Group.
He reports to Union Bank Executive Vice President and Head of Wealth Markets Dennis J. Mooradian, who also serves chairman, president and chief executive officer of HighMark Capital Management, Inc., Union Bank’s asset management subsidiary.
“We are very pleased that Mike has joined Union Bank after two decades of solid sales, service and executive leadership experience in the broker-dealer industry,” said Mooradian. “We are excited about the ability to leverage Mike’s experience to help us grow and strengthen our important wealth-related lines of business.”
Mortensen joined PNC in 1994 as a market director, and was appointed president and chief executive officer of the retail brokerage division in 1997. Prior to joining PNC, he was a regional vice president for Essex Corp., a third-party marketer of financial products for banks. At Essex, he was responsible for overseeing the annuity sales program of First Interstate Bank of California. He began his financial career with Bank of America Securities in San Diego. Mortensen earned his bachelor’s degree in finance from San Diego State University. He holds the following Financial Industry Regulatory Authority, Inc. (FINRA) licenses: series 7, 63, 24, four, 53 and 12.
As the brokerage subsidiary of Union Bank, UBIS provides a broad range of investment and insurance services to individuals, corporations and institutions. UBIS offers a diverse array of investments to match short- and long-term investment goals of its clients, including stocks, fixed income investments, mutual funds, market-linked CDs, annuities, college savings plans, managed account solutions, long-term care insurance, life insurance, and 401(k) plans.
About UnionBanCal Corporation & Union Bank, N.A.
Headquartered in San Francisco, UnionBanCal Corporation is a financial holding company with assets of $87.9 billion at June 30, 2012. Its primary subsidiary, Union Bank, N.A., is a full-service commercial bank providing an array of financial services to individuals, small businesses, middle-market companies, and major corporations. The bank operates 402 branches in California, Washington, Oregon, Texas, New York and Illinois, as well as two international offices. UnionBanCal Corporation is a wholly-owned subsidiary of The Bank of Tokyo-Mitsubishi UFJ, Ltd., which is a subsidiary of Mitsubishi UFJ Financial Group, Inc. Union Bank is a proud member of the Mitsubishi UFJ Financial Group (MUFG) (NYSE:MTU), one of the world’s largest financial organizations. Visit http://www.unionbank.com for more information.
UnionBanc Investment Services LLC is a registered broker-dealer, investment advisor, member FINRA/SIPC, and subsidiary of Union Bank, N.A. UnionBanc Insurance Services is a division of Union Bank, N.A., California State Insurance License No. 0817733.
Non-deposit investment products available through UnionBanc Investment Services LLC or UnionBanc Insurance Services: are NOT bank deposits; are NOT obligations of, or guaranteed by, Union Bank, UnionBanc Investment Services LLC or any subsidiary or affiliate; are NOT insured or guaranteed by the FDIC or by any other government agency; involve investment risk, including the possible loss of principal; annuities are products of and offered exclusively by the insurance industry. UnionBanc Investment Services may offer certain bank-issued products that are insured by the FDIC within permitted limits.
Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50390199&lang=en