BANK OPENS IN VALENCIA.Byline: Daily News VALENCIA - Bank of the West opened its new Valencia branch on Monday, part of an expansion by the San Francisco-based bank into Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, . The local branch is in the new Promenade shopping center shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into near the Valencia Town Center. Bank of the West took over 74 Southern California branches of United California Bank, bringing to 295 the total number of branches in California, Oregon, New Mexico New Mexico, state in the SW United States. At its northwestern corner are the so-called Four Corners, where Colorado, New Mexico, Arizona, and Utah meet at right angles; New Mexico is also bordered by Oklahoma (NE), Texas (E, S), and Mexico (S). , Nevada, Washington and Idaho. The Valencia location is a new one that opened Monday in Porter Ranch, and two offices are planned later this year in Oxnard and Porter Ranch. The bank is launching a multimillion-dollar print, broadcast and outdoor advertising campaign to establish its brand in Southern California. A shorter campaign will run in Northern California Northern California, sometimes referred to as NorCal, is the northern portion of the U.S. state of California. The region contains the San Francisco Bay Area, the state capital, Sacramento; as well as the substantial natural beauty of the redwood forests, the northern . Santa Clarita was targeted because of the area's rapid growth. In June, Bank of the West reported net income of $86 million for the second quarter, which ended June 30, an increase of $50.5 million over the year before. Bank of the West currently has $25 billion in assets, making it the third-largest commercial bank headquartered in the state. The bank has $15 billion in deposits in California. Last month, Valencia Bank & Trust, the Santa Clarita Valley's only locally owned bank, announced it would merge with Union Bank of California Union Bank of California is one of the 30 largest commercial banks in the United States. It has 327 branches, the majority of which are in San Diego, Los Angeles and Orange Counties. in a $62 million deal. Under the deal, subject to stockholder and regulator approvals, parent company UnionBanCal Corp. would pay half the sum in cash and half in stock and instantly become a major player in local banking. Union Bank has no presence now in the Santa Clarita Valley The Santa Clarita Valley is the valley of the Santa Clara River in Southern California. It stretches through Los Angeles County and Ventura County. Its main population center is the city of Santa Clarita. The valley was part of the 48,612-acre (19,672. and, like Bank of the West, is looking to expand in Southern California. |
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