Union Bank to lay off up to 400 Central Coast employees
November 29, 2012
Union Bank officials are heading up the coast from Santa Barbara, through San Luis Obispo County to Monterey, handing out layoff notices to hundreds of Santa Barbara Bank & Trust employees at 14 branches, several employees said.
Union Bank’s purchase of Santa Barbara Bank & Trust for $1.5 billion is slated to close on Saturday.
Employees said they have received layoff notices that state if they do not take a new job within the next 60 days, they will receive severance packages. Union Bank officials started handing the notices out yesterday in Santa Barbara County and are currently working their way through San Luis Obispo County.
Debbie Whiteley, the executive vice president of public affairs, confirmed that the layoff notices were going out but said she was unable to give more details until tomorrow after all the employee notices are delivered.
In March, Pacific Capital, parent of wholly owned subsidiary Santa Barbara Bank & Trust, entered into the agreement to be acquired by UnionBanCal Corporation, the parent company of Union Bank. At the time, employees of Santa Barbara Bank & Trust were told their jobs were either secure or that the bank would work to find them new positions.