Union Bank, N.A., has named Michael Mortensen CEO of its brokerage subsidiary, UnionBanc Investment Services, the bank announced Wednesday. He will oversee the bank's brokerage operation and all the registered representatives, Tom Taggart, a company spokesperson said.
Mortensen comes to Union Bank from Pittsburgh-based PNC Investments, where he was president and CEO, a role he held since 1997. Before joining PNC in 1994, he oversaw the annuity sales program of First Interstate Bank of California as a regional vice president for Essex Corp., a third-party marketer of financial products for banks.
"We are very pleased that Mike has joined Union Bank after two decades of solid sales, service and executive leadership experience in the broker-dealer industry," Dennis J. Mooradian, Union Bank executive vice president and head of Wealth Markets, said in a statement. "We are excited about the ability to leverage Mike's experience to help us grow and strengthen our important wealth-related lines of business."
Mortensen's predecessor, Steven Short, vacated the position earlier this year to return to his home state in Ohio, Taggart said.
Union Bank is a subsidiary of UnionBanCal Corporation, a San Francisco-based financial holding company with assets of $87.9 billion.