Press Release
Press Release
Press Contacts: Erik Cummins, Matt Hyams, Olivia Thomas
04.02.21
Pillsbury represented MUFG Union Bank, N.A., in connection with its agreement with PacWest Bancorp subsidiary, Pacific Western Bank, which has agreed to acquire certain assets and assume certain liabilities of Union Bank’s Homeowners Association (HOA) Services Division for cash consideration of approximately $250 million. The final consideration will be based on balances at transaction closing, which is expected to occur in the fourth quarter of 2021 (subject to receipt of regulatory approvals and satisfaction of customary closing conditions).
Union Bank’s HOA Services Division is a long-time provider of specialized HOA banking services to a national base of clients. Currently, there are approximately $4.0 billion of deposits related to Union Bank’s HOA Services Division and $6.0 million in related loans.
Read more about the transaction here.
The Pillsbury team was led by Corporate senior counsel Patricia Young with partner Rodney Peck, and included Corporate partner Bianca Bowen and associate Jessica Dabiri; Executive Compensation & Benefits special counsel Amber Ward; Global Sourcing & Technology Transactions counsel Andrew Caplan; and Tax partner Julie Divola.