Pacific Western Bank Announces Close of Acquisition of Homeowners Association Services Division From MUFG Union Bank, N.A.
PacWest Bancorp (PACW)
Last pacwest bancorp earnings: 4/21 07:00 am
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pacwestbancorp.com
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Source: GlobeNewswire
LOS ANGELES, Oct. 12, 2021 (GLOBE NEWSWIRE) -- 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
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