Union Bank Agrees to Acquire $3.7B Commercial Real Estate Portfolio from PB Capital

Union Bank, N.A. today announced that it reached an agreement to acquire PB Capital Corporation's institutional commercial real estate (CRE) lending portfolio and platform. The acquisition expands Union Bank's CRE presence in the U.S., and brings a high-quality commercial real estate loan origination and servicing platform, geographic and asset class diversification, a desirable real estate customer base, and a seasoned management team. Headquartered in New York, the CRE lending division of PB Capital has approximately $3.7 billion in loans outstanding on properties in major metropolitan areas across the U.S. The acquisition is subject to customary closing conditions, and is expected to be completed in the second quarter of 2013. “This is an important strategic acquisition