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Unionamerica, Inc. - Lehman Brothers Collection

Unionamerica, Inc.

List of Deals

On June 7, 1967, Unionamerica was formed and incorporated in California for the purpose of acquiring Union Bank on a share-for-share basis. In May 1969 the name Unionamerica was adopted for the newly acquired company.

The Union Bank & Trust Company of Los Angeles was originally incorporated in California on June 22, 1914, as the Kaspare Cohn Commercial & Savings Bank. The name was changed to Union Bank & Trust Company of Los Angeles in March 1918.

Union Bank grew over the decades as the area of Los Angeles grew. In 1920 the bank held $3.4 million in savings deposits, and by 1935 this reached $16.3 million. Deposits rose to $150.3 million in 1946, and a decade later, in 1957, the balance was $385.7 million.

On September 30, 1957, Union Bank merged with Occidental Savings & Commercial Bank. In January 1958 Union Bank & Trust Company shortened its name to Union Bank.

On October 31, 1967, Unionamerica acquired Western Mortgage Corporation for $16 million and was subsequently operated as a division.

Unionamerica organized Unionamerica Computer Corporation in Los Angeles in October 1968 to provide computer software services. This new subsidiary acquired control of Computer Input Corporation in March 1969.

Unionamerica acquired Swett & Crawford and its wholly owned subsidiary, Harbor Insurance Company, in April 1969 for shares valued at over $13.5 million. In August of that year, the company formed Union Realco from the bank properties division of Union Bank to engage in real estate leasing, management, development, and sales. In August it also acquired Bryant-Johnson-Chamberlain Company, a San Francisco mortgage banking firm. In December 1969 Unionamerica organized Unionamerica Mortgage & Equity Trust, a publicly held real estate investment trust managed by Unionamerica Advisors, Inc., a subsidiary of the company.

Unionamerica and its subsidiaries made several more acquisitions in 1970. In January Swett & Crawford and Harbor Insurance acquired 100 percent of Buffalo Insurance Company of Buffalo, New York, for approximately $4.3 million. On April 30 Unionamerica acquired 100 percent of Howard Tamkin & Company, Inc., of Los Angeles, a mortgage banking concern, for approximately $3 million. On May 27 the company bought Marshall & Stevens, Inc., an appraisal company, for $1 million, and in November the company formed Unionamerica Leasing Corporation to engage in lease financing of capital equipment.

In July 1971 Unionamerica organized Unionamerica Insurance Company, Ltd., in London to provide property and casualty coverage for commercial accounts.

In December 1972 Unionamerica established two subsidiaries: Ivanhoe Reinsurance Company Ltd. of Bermuda, to engage in the writing of specialized reinsurance for foreign-based business; and Reinsurance Facilities Corporation, to place and service reinsurance for other insurance companies.

Unionamerica’s deposits doubled from $5.3 billion to $11.7 billion between 1967 and 1972. The company had grown to become a diversified bank, mortgage banking, insurance, real estate, and business service enterprise.

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