As Chief Operating Officer, Flynn, a 25-year veteran of the bank, will have managerial responsibility for the Community Banking & Investment Services Group, the Commercial Financial Services Group, the Global Markets Group, and the International Banking Group, as well as the Systems & Technology and Operations & Customer Services Groups. Most recently, Flynn has served as Vice Chairman of the Commercial Financial Services Group, which accounted for the majority of the Company's earnings in 2004.
"We have announced these organization changes today in order to enhance our ability to succeed in today's highly competitive banking environment," said Kanari. "By combining these functions under Phil's leadership, we will benefit from increased coordination among all our business units. The new organizational structure will make us even more effective in generating revenue and efficiency gains across the company. I should also note that our Board of Directors was closely consulted and is highly supportive of the new executive management structure we are announcing today."
In addition to his current responsibilities managing the Finance function, David Matson will now also manage the Company's Treasury and Corporate Services functions. Vice Chairman Takashi Morimura will continue to be responsible for the Credit Management function and other administrative functions.
Vice Chairman Richard C. Hartnack, who headed the Community Banking & Investment Services Group, has announced his decision to retire, effective April 4, 2005. "Rick has been a very important part of our management team for nearly 14 years," said Kanari. "During that time, he has contributed greatly to our success in increasing profitability and shareholder value, and we wish him well," concluded Kanari.
The following appears in accordance with the Private Securities Litigation Reform Act. This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. Often, they include the words "believe," "expect," "target," "anticipate," "intend," "plan," "estimate," "potential," "project," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may." They may also consist of annualized amounts based on historical interim period results.
There are numerous risks and uncertainties that could and will cause actual results to differ materially from those discussed in our forward-looking statements. Many of these factors are beyond our ability to control or predict and could have a material adverse effect on our stock price, financial condition, and results of operations or prospects. Such risks and uncertainties include, but are not limited to, adverse economic and fiscal conditions in California, including the continuing financial difficulties of the California state government; global political and general economic conditions related to the war on terrorism and other hostilities; fluctuations in interest rates; the controlling interest in us of The Bank of Tokyo-Mitsubishi, Ltd., which is a wholly-owned subsidiary of Mitsubishi Tokyo Financial Group; competition in the banking and financial services industries; adverse effects of current and future banking laws, rules and regulations; declines or disruptions in the stock or bond markets which may adversely affect us or our borrowers or other customers; changes in accounting practices or requirements; risks associated with changes to various strategies we may pursue, including potential acquisitions, divestitures and restructurings, and any additional executive management changes related to the announced reorganization.
A complete description of the Company, including related risk factors, is discussed in the Company's public filings with the Securities and Exchange Commission, which are available by calling 415-765-2969 or online at http://www.sec.gov. All forward-looking statements included in this press release are based on information available at the time of the release, and the Company assumes no obligation to update any forward-looking statement.
Based in San Francisco, UnionBanCal Corporation is a bank holding company with assets of $48.1 billion at December 31, 2004. Its primary subsidiary, Union Bank of California, N.A., had 315 banking offices in California, Oregon and Washington, and 21 international facilities, at December 31, 2004.