Union Bank to Acquire Smartstreet; Terms Not Disclosed
Union Bank, N.A., today announced it has signed a definitive agreement with PNC Bank, N.A. (NYSE: PNC), to acquire Smartstreet®, an Atlanta-based financial services division of PNC Bank that provides banking services nationwide to homeowners associations and community association management companies. The acquisition, which requires approval from banking regulators and is subject to other customary closing conditions, is expected to be completed in the fall. Terms of the agreement were not disclosed.
Smartstreet is a market leader in community associations banking with approximately $1 billion in deposits and a comprehensive receivables offering and lockbox operations that serve more than 460 management companies and 15,000 associations in 36 states.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.