The acquired entity currently trades as a division of Union Bank, but maintains its brand in the homeowner association market.
Initially inked with PNC Bank in April this year, the acquisition will enable the lender to use Smartstreet’s strong base of core deposits, its sizable and well HOA banking franchise.
HOA Industry manager and senior vice president Mark Reider said, "Providing financial services to companies that manage homeowners associations and other community associations is a core segment for Union Bank’s Global Treasury Management division."
Having nearly $1bn in deposits, the acquired company serves almost 450 management companies and 15,000 associations in 37 states.
It offers banking and account management, payment processing, lockbox services and remote deposit capture, loans and lines of credit, and credit card services.
Union Bank manages 402 branches in California, Washington, Oregon, Texas, New York and Illinois, as well as two international offices.
