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LOS ANGELES, April 01, 2021 (GLOBE NEWSWIRE) PacWest Bancorp (NASDAQ:PACW) ( PacWest ) announced today that its wholly-owned banking subsidiary, Pacific Western Bank (the Bank ), has entered into a definitive agreement to acquire MUFG Union Bank, N.A. s ( Union Bank ) Homeowners Association ( HOA ) Services Division. The HOA Services Division provides a full range of banking services to community management companies and their homeowners associations. This acquisition will significantly expand the Bank s existing HOA banking practice, which provides lockbox, electronic receivables processing and other financial services to HOA management companies.
The Bank will acquire certain assets and assume certain liabilities related to Union Bank s HOA Services Division for a premium of 5.9% on deposits plus the net book values of certain assumed assets and liabilities for cash consideration of approximately $250 million. The final consideration will be based on balances at closi
PacWest buying large HOA business from MUFG Union Bank
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Pacific Western Bank Announces Agreement to Acquire Homeowners Association Services Division From MUFG Union Bank, N A
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