Union Bank Launches New Integrated Strategy for Individual Retirement Accounts (IRA); Alan J. Kizor Named Senior Vice President/Manager of IRA Solutions

SAN FRANCISCO----Union Bank of California, N.A. (NYSE:UB), has named Alan J. Kizor a senior vice president and head of a new unit called IRA Solutions. Kizor is responsible for managing a new business strategy for the bank's multiple individual retirement accounts products and services.

"Alan's appointment brings a dedicated industry expertise to Union Bank that reflects our serious commitment to the retirement market on the West Coast," said Johannes (Johs) Worsoe, executive vice president. "Centralizing all IRA activity allows us to focus more specifically on this market and greatly enhance our service to a growing group of clients planning for their retirement."

"The mission of IRA Solutions is to help clients plan and save for their retirement needs," added Kizor. "Many individuals, including baby boomers, want to transition to a retirement that will afford them their accustomed standard of living without the worry of outliving their retirement savings. Issues such as longevity, inflation, health care expenses, appropriate withdrawal rates and asset allocation are top of mind."

To help serve the retirement needs of individuals, deposit, trust and investment IRA products are available through the bank and through its wholly owned brokerage subsidiary, UnionBanc Investment Services, LLC.

Kizor has an extensive background in retirement savings and investment management. His previous positions include national sales and marketing director of administration and investments for corporate employee benefit plans at Merrill Lynch. He was the division CEO and managing director for 401(k) MasterWorks at Barclays Global Investors. He also served as an executive vice president in charge of retirement programs at Wells Fargo.

A graduate of the University of Colorado at Boulder, Kizor received his MBA degree from Pepperdine University and has been a member of the Western Pension Conference, the American Bankers Association Senior Executive Trust Committee and was a director with the Northern California Multiple Sclerosis Society. Kizor resides in Orinda, CA, with his wife and two sons.

Based in San Francisco, UnionBanCal Corporation (NYSE:UB) is a bank holding company with assets of $51.2 billion at June 30, 2005. Its primary subsidiary, Union Bank of California, N.A., had 318 banking offices in California, Oregon and Washington, and 21 international facilities, at June 30, 2005. The company's Web site is located at www.uboc.com.

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.