Union Bank to acquire Smartstreet
On Wednesday, San Francisco-based Union Bank, a unit of UnionBanCal Corp. agreed to acquire Atlanta-based Smartstreet, a financial services division of PNC Financial Services Group Inc..
Steven Sugarman, Chief Executive Officer of First PacTrust, stated, ``We are extremely proud to have PacTrust Bank approved as an issuer of Ginnie Mae mortgage-backed securities and to join Ginnie Mae in making an important contribution to the expansion of affordable housing opportunities in America. Approval by Ginnie Mae requires that an issuer demonstrate the organizational, financial, procedural, quality control, and other characteristics necessary to participate in the program. I am especially pleased of this accomplishment, along with the other early successes that the PacTrust Bank Residential Lending Division continues to achieve.''