10/31/2022 0 Comments Mutual of omaha hoaPacWest had a string of 29 acquisitions between 20. PacWest suffered a loss of $1.24 billion last year due to goodwill impairment charges and higher credit loss provisions as Covid-19 took a toll on the company’s loan portfolio. The push by PacWest into the HOA market underscores the company’s recent strategy to diversify its lending portfolio and broaden its income streams. PacWest President and Chief Executive Matthew Wagner declined to discuss the acquisition when reached for comment. Industry analysts expect the HOA banking niche to see a runup in profits as interest rates move higher when the economy emerges from the recession caused by the coronavirus pandemic. Those who purchase property with an HOA jurisdiction automatically become members and are required to pay fees.Īn HOA banking practice provides lockbox, electronic receivables processing and other financial services to HOA management companies. That transaction has catapulted PacWest into the top ranks of the HOA field, according to banking analysts and observers.Īn HOA, or homeowner’s association, is an organization within a subdivision, planned community or condominium building that makes and enforces rules for the properties and its residents. In early April, the Beverly Hills-based bank holding company purchased MUFG Union Bank’s homeowners banking services unit for $250 million in cash - a disruptive deal in a below-the-radar-business. Acquisitive PacWest Bancorp is shifting its sights to buying deposits instead of banks.
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