He adds that the product expansion in the large more structured loan category was a plus, and adding to that, the “good cultural fit,” and physical presence in New York, “one of the most important markets,” he says that Union Bank feels “very fortunate to be selected as the buyer.”

Although it is unclear how many buyer's the bank was up against, Stedman says that there was “significant interest in the loan portfolio,” adding that there were certainly two rounds of pricing discussion and selection. “This was truly a strategic fit for us that I think differentiated us in buyer consideration.”

So what's next for Union Bank? According to Stedman, it has two thematic priorities. The first will be to “maximize the opportunity presented to us by this acquisition of PB Capital's platform to cross-sell financing services to both sides of the customer base, from our portfolio origin, and theirs. It is an opportunity to expand our value-proposition across our entire customer base.”

The other priority, he says, would be to “continue to grow our long-standing businesses that we have organized around closely held private customers primarily in the west—what we call our regional markets business.” He points out that the regional markets business is a long-standing successful business for Union Bank. “We have a strong community development financing group that supports the production and investment in affordable housing solutions,” he adds, “and we are also growing our commercial mortgage offerings.” He adds that the bank will continue to look for “organic growth in those areas and consider acquisitive growth in those areas to the extent it becomes available.”