In what would be its largest acquisition in more 15 years, UnionBanCal Corp. in San Francisco is buying Pacific Capital Corp. in Santa Barbara, Calif., for about $1.5 billion in cash.

UnionBanCal, the parent of Union Bank of California, has $89.7 billion of assets and more than 400 branches in California, Washington, Oregon, Texas and New York. It is wholly owned by the Bank of Tokyo's Mutsubishi UFJ Financial Group Inc. Pacific Capital is the parent of the $5.9 billion-asset Santa Barbara Bank & Trust.

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