Jackson National To Sell Calif. Bank

Making the deal "was an opportunity to get a good return," Padot says. "The acquisition environment for banks is really favorable right now in the U.S. We're just capitalizing on a sound investment opportunity."

Moreover, today, at Jackson National, "we're really focusing on life insurance and annuities," Padot says.

Jackson National hopes to continue to sell life insurance and annuities through the old Jackson Federal branches when UnionBanCal takes over, Padot adds.

Earlier this month, UnionBanCal completed a previously announced acquisition of the retirement plan portfolio of CNA Trust Company, a unit of CNA Financial Corp., Chicago. The price of that deal is not available.

UnionBanCal has acquired 5 financial institutions since 2002 and grown to more than 300 branches, from just 250 branches.

The company also has acquired several insurance brokerage firms.

"Our purpose is to make us more of a full-service bank to our corporate customers and to small business," says Joanne Curran, a UnionBanCal senior vice president.