United Labor Bank in Oakland, Calif., has a new name.
The $356 million-asset bank said in a press release Friday that it has rebranded as United Business Bank. The name change illustrates a shift in focus from serving labor unions to targeting small businesses.
"The new bank name reflects the natural evolution of our franchise and our increased focus on providing banking services to small- and medium-sized businesses," Malcolm Hotchkiss, the bank's chief executive, said in the release.
United will continue to honor its "labor union heritage" by providing services to unions and their members, Hotchkiss added.
The bank, which is a subsidiary of First ULB Corp., has nine branches in California, Washington and New Mexico, according to the Federal Deposit Insurance Corp.