Union Bank, N.A., today announced it has completed its acquisition of Smartstreet®, formerly a division of PNC Bank, N.A., which provides banking services nationwide to homeowners associations (HOA) and community association management companies. Union Bank entered into a definitive agreement with PNC Bank in April 2012 to acquire the Atlanta-based company. Smartstreet now operates as a division of Union Bank, but retains its unique brand in the homeowner association market. Terms of the agreement were not disclosed.
Union Bank Senior Executive Vice President JoAnn Bourne, head of the bank’s Global Treasury Management group, said, “The acquisition of Smartstreet clearly demonstrates Union Bank’s commitment to a best-in-class comprehensive receivables offering. This acquisition will provide immediate and long-term benefits for Union Bank because of Smartstreet’s strong base of core deposits, its sizable and well regarded HOA banking franchise, and the opportunity to leverage our combined strengths in comprehensive receivables and national lockbox processing,” continued Bourne.
Smartstreet is a market leader in community association banking with approximately $1 billion in deposits and a comprehensive receivables offering and lockbox operations that serve approximately 450 management companies and 15,000 associations in 37 states.
“We’ve now combined two great teams who know what it takes to be successful in this niche business by offering a formidable suite of products and creating a broad client portfolio across the United States,” said Union Bank Senior Vice President Robin Storey, who is the former president of Smartstreet. “We now have an opportunity to become the industry leader providing banking services to management companies and the associations they serve.”Smartstreet’s product suite includes banking and account management; payment processing; lockbox services and remote deposit capture; loans and lines of credit; and credit card services. It provides online technology tools for customized processing and reporting for homeowners associations and HOA managers, as well as data integration and information reporting.