Union Bank, N.A., today announced it has completed the acquisition of First Bank Association Bank Services, a unit of First Bank, which provided a full range of banking services to homeowners associations (HOA) and community management companies. Union Bank announced it would assume the deposits and certain assets of First Bank Association Bank Services last May, solidifying its role as among the nation’s leaders in providing lockbox, electronic receivables processing and other financial services to HOA management companies.
“We are pleased to close this acquisition that further strengthens our position as a best-in-class provider serving the unique needs of specialized management companies,” said Senior Executive Vice President Ranjana Clark, head of transaction banking for Union Bank. “This follows our acquisitions of Klik Technologies in 2011 and of Smartstreet® in 2012, both market leaders in providing banking services to HOA management companies. Like Klik and Smartstreet, this acquisition builds on our momentum in an important market and supports our national strategy of providing product specialists with years of industry experience to niche industries.”
First Bank Association Bank Services was among the regional market leaders in community association banking, providing specialized banking services for more than 30 years with more than $550 million in deposits, primarily from customers in California. Union Bank is a longtime provider of HOA banking services on the West Coast and, having expanded its national reach last year with its acquisition of Smartstreet, currently serves HOA clients in 38 states.
About UnionBanCal Corporation & Union Bank, N.A.Headquartered in San Francisco, UnionBanCal Corporation is a financial holding company with assets of $105.5 billion at September 30, 2013. Its primary subsidiary, Union Bank, N.A., provides an array of financial services to individuals, small businesses, middle-market companies, and major corporations. The bank operated 422 branches in California, Washington, Oregon, Texas, Illinois, and New York as well as two international offices, on September 30, 2013. UnionBanCal Corporation is a wholly-owned subsidiary of The Bank of Tokyo-Mitsubishi UFJ, Ltd., which is a subsidiary of Mitsubishi UFJ Financial Group, Inc. Union Bank is a proud member of the Mitsubishi UFJ Financial Group (MUFG) (NYSE:MTU), one of the world’s largest financial organizations. In July 2013, American Banker Magazine and the Reputation Institute ranked Union Bank #1 for reputation among its customers. Visit http://www.unionbank.com for more information.