Union Bank of California Increases Commitment To African American Community

Los Angeles, CA - Union Bank of California (UBOC) recently held a special reception, focusing on wealth building in the African American community.The event celebrated the banks attention to diversity as well as it's philosophy to build and preserve wealth in the African American community, a continuing tradition at UBOC.

Harold Lewis, senior vice president, Private Banking, Union Bank of California stated, "Our bank is working hard to build and preserve wealth in the black community. We are at the threshold of our second ten-year community reinvestment act commitment and have increased our level of community reinvestment to 6.5 percent of our assetsone of the highest levels among all banks in the country. I am very proud to say that this is entirely in character for us."

Johnathan Rodgers, president and CEO of TV One, served as the reception's guest speaker. Other attendees included celebrities, professionals and elected officials.

About Union Bank of California:

Based in San Francisco, UnionBanCal Corporation is a bank holding company with assets of $48.1 billion at December 31, 2004. It's 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.

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.