Union Bank, IBJ and Bank of Cal Portfolios

In 1994 Kearny acquired three portfolios, one from Union Bank totaling $240 million, one from IBJ for $72 million and one from Bank of Cal with a book value of $69 million. Kearny performed extensive due diligence, won the competitive bid, negotiated and closed the transactions and spent three years managing and disposing of the assets either as loans or REO, resulting in a substantial profit to the owners.