Exhibit 99.1

UnionBanCal Corporation Reports First Quarter Net Income of $195 Million

First Quarter Highlights:

• Net income was $195 million, up from $129 million for the prior quarter, but down from $235 million for the year-ago quarter.
• Total loans held for investment, excluding FDIC covered loans, at March 31, 2012, were $53.5 billion, up from $52.6 billion at December 31, 2011, and up from $46.7 billion at March 31, 2011.
• Core deposits at March 31, 2012, were $55.0 billion, up from $52.8 billion at December 31, 2011, and up from $49.4 billion at March 31, 2011.
• Total provision for credit losses was a benefit of $3 million, compared with a provision of $9 million for the prior quarter, and a benefit of $115 million for the year-ago quarter. Key asset quality metrics strengthened in first quarter. Excluding FDIC covered assets:
  • Nonperforming assets at quarter-end were $558 million, or 0.61 percent of total assets, down from $618 million, or 0.70 percent of total assets, prior quarter.
  • Criticized loans at quarter-end were $1.5 billion, or 2.84 percent of total loans held for investment, down 21 percent from $1.9 billion, or 3.65 percent of total loans held for investment, prior quarter.
• Capital ratios remained strong during the quarter:
  • Tangible common equity ratio was 10.20 percent at March 31, 2012, unchanged from December 31, 2011.
  • Tier 1 common capital ratio was 13.73 percent at March 31, 2012, down from 13.82 percent at December 31, 2011.
• Definitive agreement to acquire Pacific Capital Bancorp was executed, with the acquisition expected to be completed in fourth quarter 2012.

SAN FRANCISCO--(BUSINESS WIRE)--April 26, 2012--UnionBanCal Corporation (the Company), parent company of San Francisco-based Union Bank, N.A., today reported first quarter 2012 results. Net income for first quarter was $195 million, up from $129 million for the prior quarter, but down from $235 million for the year-ago quarter. Key drivers of the increase in net income from prior quarter included higher net interest income; a benefit from the reversal of provision for credit losses compared with a provision in the prior quarter; and higher noninterest income, which increased primarily due to gains on the sale of business units and securities.

On March 9, 2012, the Company entered into a definitive agreement to acquire Pacific Capital Bancorp (PCB), a bank holding company headquartered in Santa Barbara, California, for approximately $1.5 billion in cash. The transaction will enhance the Company’s geographic footprint within California’s Central Coast region where PCB’s principal subsidiary, Santa Barbara Bank & Trust, N.A., conducts its banking activities. At December 31, 2011, PCB had total assets of approximately $5.9 billion. The acquisition is expected to be completed in the fourth quarter of 2012, subject to certain customary closing conditions, including approvals from banking regulators.

Summary of First Quarter Results

First Quarter Total Revenue

For first quarter 2012, total revenue (net interest income plus noninterest income) was $855 million, up $64 million, or 8 percent, compared with the prior quarter. Net interest income increased 2 percent, and noninterest income increased 34 percent. The net interest margin was 3.27 percent, compared with 3.29 percent for the prior quarter.

Net interest income for first quarter 2012 was $653 million, up $13 million, or 2 percent, compared with fourth quarter 2011. The increase in net interest income was primarily due to growth in average earning assets, particularly securities and commercial and industrial loans. The net interest margin declined 2 basis points compared with fourth quarter 2011, primarily due to lower yields on total loans, excluding FDIC covered loans, partially offset by a more favorable mix in both earning assets and interest bearing funding sources.

Average total loans, excluding FDIC covered loans, increased $1.9 billion, or 4 percent, compared with fourth quarter 2011, primarily due to growth in commercial and industrial loans and residential mortgage loans. Average FDIC covered loans decreased $112 million, or 11 percent, due to expected runoff of the portfolio. Average interest bearing deposits increased $1.4 billion, or 3 percent, primarily reflecting growth in transaction accounts and time deposits. Average noninterest bearing deposits increased $211 million, or 1 percent.

For first quarter 2012, noninterest income was $202 million, up $51 million, or 34 percent, compared with prior quarter. The increase was primarily due to higher gains on the sale of securities and higher other noninterest income. Other noninterest income increased primarily due to a net gain on the sale of business units and private capital investments.

Compared with first quarter 2011, total revenue was flat, with net interest income up 6 percent and noninterest income down 16 percent. Net interest income increased $35 million compared with the year-ago quarter, primarily due to overall loan growth, partially offset by compression in the net interest margin. The net interest margin declined 22 basis points from the year-ago quarter, primarily due to declining yields on loans, excluding FDIC covered loans, and securities.

Average total loans, excluding FDIC covered loans, increased $6.4 billion, or 14 percent, compared with first quarter 2011, primarily due to growth in commercial and industrial loans and residential mortgage loans. Average FDIC covered loans decreased $539 million, or 37 percent, due to expected runoff of the portfolio. Average noninterest bearing deposits increased $3.0 billion, or 17 percent, and average interest bearing deposits increased $2.0 billion, or 5 percent.

Noninterest income decreased $38 million, or 16 percent, compared with first quarter 2011, primarily due to lower gains on the sale of securities and lower other noninterest income. Other noninterest income declined primarily due to accretion adjustments to the indemnification asset associated with FDIC covered loans and a gain on the sale of MasterCard shares recorded in first quarter 2011, partially offset by a gain on the sale of business units recorded in first quarter 2012.

First Quarter Noninterest Expense

Noninterest expense for first quarter 2012 was $614 million, down $5 million, or 1 percent, compared with fourth quarter 2011, reflecting, in part, the initial impact of productivity initiatives launched in 2011. Salaries and employee benefits expense increased primarily due to annual seasonal factors and higher pension expense. Non-staff expense decreased primarily due to lower intangible asset amortization expense following a write-off of intangible assets recorded in fourth quarter 2011; lower professional and outside services expense, primarily due to lower consulting costs; and a benefit from the provision for losses on off-balance sheet commitments of $2 million in first quarter 2012, compared with a provision of $2 million in fourth quarter 2011.

Noninterest expense for first quarter 2012 was flat compared with first quarter 2011. Lower other noninterest expense was partially offset by higher salaries and employee benefits expense, which increased primarily due to higher pension expense. Other noninterest expense declined primarily due to certain reserves for contingencies recorded in first quarter 2011. The provision for losses on off-balance sheet commitments was a benefit of $2 million, compared with a benefit of $13 million in first quarter 2011.

Taxes

The effective tax rate for first quarter 2012 was 21 percent, compared with an effective tax rate of 24 percent for fourth quarter 2011. The decrease in the effective tax rate was primarily due to a tax adjustment recorded in first quarter 2012.

Balance Sheet

At March 31, 2012, the Company had total assets of $92.3 billion, up $2.6 billion, or 3 percent, compared with December 31, 2011, and up $11.7 billion, or 14 percent, compared with March 31, 2011.

At March 31, 2012, total deposits were $65.1 billion, up $0.7 billion, or 1 percent, compared with December 31, 2011, and up $6.4 billion, or 11 percent, compared with March 31, 2011. Core deposits at March 31, 2012, were $55.0 billion, up $2.2 billion, or 4 percent, compared with December 31, 2011, and up $5.6 billion, or 11 percent, compared with March 31, 2011.

Credit Quality

The total provision for credit losses was a benefit of $3 million for first quarter 2012, compared with a provision of $9 million for fourth quarter 2011, primarily due to improved credit quality in the existing portfolio. Nonperforming assets, excluding FDIC covered assets, decreased $60 million, or 10 percent, compared with prior quarter, primarily due to repayments and charge-offs. Net charge-offs increased $25 million compared with fourth quarter 2011, primarily due to higher commercial and industrial charge-offs that were not related to a single borrower or industry, as well as lower commercial portfolio loan recoveries.

Excluding FDIC covered assets, nonperforming assets were $558 million, or 0.61 percent of total assets, at March 31, 2012, down from $618 million, or 0.70 percent of total assets, at December 31, 2011, and $815 million, or 1.03 percent of total assets, at March 31, 2011.

Excluding FDIC covered assets, net charge-offs for first quarter 2012 were $54 million, up from $29 million for fourth quarter 2011, and up slightly from $53 million for first quarter 2011. Excluding FDIC covered assets, net charge-offs to average total loans for first quarter 2012 were 0.41 percent annualized, up from 0.21 percent annualized for fourth quarter 2011, and down from 0.46 percent annualized for first quarter 2011.

The total provision for credit losses is comprised of the provision for loan losses and the provision for losses on off-balance sheet commitments, which is classified in noninterest expense. In first quarter 2012, the provision for loan losses was a benefit of $1 million and the provision for losses on off-balance sheet commitments was a benefit of $2 million.

The allowance for credit losses as a percent of total loans, excluding FDIC covered loans, was 1.54 percent at March 31, 2012, compared with 1.67 percent at December 31, 2011, and 2.48 percent at March 31, 2011. The allowance for credit losses as a percent of nonaccrual loans, excluding FDIC covered loans, was 155 percent at March 31, 2012, compared with 149 percent at December 31, 2011, and 148 percent at March 31, 2011.

Capital

Total stockholder’s equity was $11.8 billion and tangible common equity was $9.1 billion at March 31, 2012. The Company’s tangible common equity ratio was 10.20 percent at March 31, 2012, unchanged from December 31, 2011, and up 40 basis points from 9.80 percent at March 31, 2011. The Basel I Tier 1 common and Tier 1 risk-based capital ratios were both 13.73 percent at March 31, 2012. Additionally, the Basel I Total risk-based capital ratio was 15.77 percent at March 31, 2012.

Non-GAAP Financial Measures

This press release contains certain references to financial measures identified as excluding privatization transaction impact, foreclosed asset expense, (reversal of) provision for losses on off-balance sheet commitments, productivity initiative costs and gains, low income housing credit investment amortization expense, expenses of the consolidated variable interest entities, or merger costs related to acquisitions, which are adjustments from comparable measures calculated and presented in accordance with accounting principles generally accepted in the United States of America (GAAP). These financial measures, as used herein, differ from financial measures reported under GAAP in that they exclude unusual or non-recurring charges, losses or credits. This press release identifies the specific items excluded from the comparable GAAP financial measure in the calculation of each non-GAAP financial measure. Management believes that financial presentations excluding the impact of these items provide useful supplemental information which is important to a proper understanding of the Company’s core business results. This press release also includes additional capital ratios (the tangible common equity and Basel I Tier 1 common capital ratios) to facilitate the understanding of the Company’s capital structure and for use in assessing and comparing the quality and composition of UnionBanCal’s capital structure to other financial institutions. These presentations should not be viewed as a substitute for results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP financial measures presented by other companies.

Forward-Looking Statements

The following appears in accordance with the Private Securities Litigation Reform Act. This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. Often, they include the words "believe," "continue," "expect," "target," "anticipate," "intend," "plan," "estimate," "potential," "project," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may." They may also consist of annualized amounts based on historical interim period results. Forward-looking statements in this press release include those related to the Company’s risk-based capital ratios and its agreement to acquire Pacific Capital Bancorp. There are numerous risks and uncertainties that could and will cause actual results to differ materially from those discussed in the Company’s forward-looking statements. Many of these factors are beyond the Company’s ability to control or predict and could have a material adverse effect on the Company’s financial condition, and results of operations or prospects. For more information about factors that could cause actual results to differ materially from our expectations, refer to our reports filed with the Securities and Exchange Commission, including the discussions under "Management's Discussion & Analysis of Financial Condition and Results of Operations" and "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2011, as filed with the SEC and available on the SEC’s website at www.sec.gov. Any factor described above or in our SEC reports could, by itself or together with one or more other factors, adversely affect our financial results and condition. All forward-looking statements included in this press release are based on information available at the time of the release, and the Company assumes no obligation to update any forward-looking statement.

Headquartered in San Francisco, UnionBanCal Corporation is a financial holding company with assets of $92.3 billion at March 31, 2012. Its primary subsidiary, Union Bank, N.A., is a full-service commercial bank providing an array of financial services to individuals, small businesses, middle-market companies, and major corporations. The bank operated 406 branches in California, Washington, Oregon, Texas, and New York as well as two international offices, on March 31, 2012. UnionBanCal Corporation is a wholly-owned subsidiary of The Bank of Tokyo-Mitsubishi UFJ, Ltd., which is a subsidiary of Mitsubishi UFJ Financial Group, Inc. Union Bank is a proud member of the Mitsubishi UFJ Financial Group (MUFG, NYSE:MTU), one of the world’s largest financial organizations. Visit www.unionbank.com for more information.

CONTACT:
UnionBanCal Corporation
Thomas Taggart, 415-765-2249
Corporate Communications
Michelle Crandall, 415-765-2780
Investor Relations