Pacific Western Bank Announces Close of Acquisition of Homeowners Association Services Division From MUFG Union Bank, N.A.
12 Oktober 2021 - 10:30PM
PacWest Bancorp (Nasdaq: PACW) (“PacWest”) announced today that its
wholly-owned banking subsidiary, Pacific Western Bank (the “Bank”),
completed the acquisition of MUFG Union Bank, N.A.’s (“Union Bank”)
Homeowners Association (“HOA”) Services Division effective on
October 8, 2021. The system conversion was completed over the
weekend of October 9th – 11th. The HOA Services Division provides a
full range of banking services to community management companies
and their homeowners associations. This acquisition significantly
expands the Bank’s existing HOA banking practice, which provides
lockbox, electronic receivables processing and other financial
services to HOA management companies.
Under the terms of the Purchase and Assumption Agreement, the
Bank acquired certain assets and assumed certain liabilities
related to Union Bank’s HOA Services Division for cash
consideration of approximately $255 million, which represents the
aggregate of a 5.9% deposit premium and the net book value of
certain acquired assets and assumed liabilities. At closing, there
were approximately $4.1 billion of deposits related to Union Bank’s
HOA Services Division and approximately $6.4 million in related
loans. As of June 30, 2021, on a pro forma consolidated basis, the
combined company would have had approximately $39 billion in total
assets.
“We are very pleased to complete this acquisition, which
significantly enhances our position catering to the specialized
banking needs of community management companies and the HOA clients
they serve,” said Matt Wagner, PacWest’s President and CEO. “The
HOA business unit’s high-quality, low-cost deposits will further
diversify the Bank’s existing core deposits and provide an
additional attractive funding source in a rising rate
environment.”
ABOUT PACWEST BANCORP
PacWest Bancorp (“PacWest”) is a bank holding company with over
$34 billion in assets headquartered in Los Angeles, California,
with an executive office in Denver, Colorado, with one wholly-owned
banking subsidiary, Pacific Western Bank (the “Bank”). The Bank has
69 full-service branches located in California, one branch located
in Durham, North Carolina, and one branch located in Denver,
Colorado. The Bank provides community banking products including
lending and comprehensive deposit and treasury management services
to small and medium-sized businesses conducted primarily through
our California-based branch offices and Denver, Colorado branch
office. The Bank offers national lending products including
asset-based, equipment, and real estate loans and treasury
management services to established middle-market businesses on a
national basis. The Bank also offers venture banking products
including a comprehensive suite of financial services focused on
entrepreneurial and venture-backed businesses and their venture
capital and private equity investors, with offices located in key
innovative hubs across the United States. The Bank also offers
financing of non-owner-occupied investor properties through Civic
Financial Services a wholly-owned subsidiary. For more information
about PacWest Bancorp or Pacific Western Bank, visit
www.pacwest.com.
CONTACTS
Matthew P. WagnerPresident and
CEO303.802.8900 |
Bart R. OlsonExecutive Vice President and
CFO714.989.4149 |
William J. BlackExecutive Vice PresidentStrategy
and Corporate Development919.597.7466 |
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