The Union Bank purchase of Santa Barbara Bank & Trust branches on the Central Coast will result in the layoff of 468 employees,most of them by April, says bank spokesman Dan Weidman
Here is the banks statement.
“Union Bank will retain 570 Santa Barbara Bank & Trust employees, including most customer-facing positions across the bank. 468 positions will be eliminated over the course of the next twelve months. 80 percent of those whose positions have been eliminated will not depart the bank until at least April 30, 2013. Union Bank currently has 175 open positions from Los Angeles to San Jose for which impacted employees can apply.”
That would leave about 300 without a job even if they can fill an open position that may be a hundred miles or more from where they live now.
Santa Barbara Bank and Trust had 46 locations from Gilroy south to Beverley Hills. Union Bank has some duplicate locations with Santa Barbara Bank & Trust including San Luis Obispo and Santa Maria in our reading area.
The Japanese-owned bank has not said which former SBB&T branches they will close but it is clearly in double figures.
Union Bank is slated to brand all the SBB&T locations as Union Bank.