PACIFIC WESTERN BANK ANNOUNCES COMPLETE ACQUISITION OF OWNERSHIP
ASSOCIATION Services Division OF MUFG UNION BANK, NA
FOR IMMEDIATE RELEASE
LOS ANGELES, CALIFORNIA
PacWest Bancorp (Nasdaq: PACW) (“PacWest”) announced today that its wholly-owned banking subsidiary Pacific Western Bank (the “Bank”) has acquired the homeowners association of MUFG Union Bank, NA (“Union Bank”) (“HOA”) Services Division effective October 8, 2021. The system migration was completed on the weekend of October 9NS – 11NS. The HOA Services Division offers a full range of banking services to community management companies and their homeowner associations. This acquisition significantly expands the bank’s existing HOA banking practice of providing lockers, electronic receivables processing, and other financial services to HOA management companies.
Under the terms of the purchase and acquisition agreement, the bank acquired certain assets and assumed certain liabilities relating to Union Bank’s HOA Services Division for cash of approximately € 255 million. At closing, there were approximately $ 4.1 billion in deposits related to Union Bank’s HOA Services Division and approximately $ 6.4 million in related loans. As of June 30, 2021, the merged company would have had total assets of approximately $ 39 billion on a pro forma consolidated basis.
“We are excited to complete this acquisition, which will significantly enhance our position in serving the unique banking needs of community management companies and the HOA clients they serve,” said Matt Wagner, President and CEO of PacWest. “The high-quality and cost-effective deposits of the HOA division will further diversify the bank’s existing core deposits and represent an additional, attractive source of refinancing in a rising interest rate environment.”
ABOUT PACWEST BANCORP
PacWest Bancorp (“PacWest”) is a banking holding company with assets of over 34 billion. The bank has 69 full-service offices in California, one office in Durham, North Carolina, and one office in Denver, Colorado. The bank offers community banking products, including lending and full deposit management and treasury services for small and medium-sized businesses, primarily through our California offices and Denver, Colorado office. The bank provides national credit products to established medium-sized companies at the national level, including asset-based loans, equipment and real estate loans, and treasury management services. The bank also offers venture banking products, including a full suite of financial services focused on entrepreneurial and venture capital companies and their venture capital and private equity investors, with offices in key innovative centers across the United States. In addition, through its wholly-owned subsidiary Civic Financial Services, the bank offers the financing of investor properties that it does not use itself. For more information about PacWest Bancorp or Pacific Western Bank, please visit www.pacwest.com.
Matthew P. Wagner
President and CEO
Bart R. Olson
Executive Vice President and CFO
William J. Black
Senior Vice President
Strategy and corporate development
Disclaimer of liability
PacWest Bancorp published this content on October 12, 2021 and is solely responsible for the information contained therein. Distributed by public, unedited and unchanged, on October 12, 2021 20:51:03 UTC.