City National Bank (CNB) has reached a deal to acquire Miami-based Executive Banking Corporation, the parent company of Executive National Bank.
Financial details of the acquisition have not been disclosed.
Established in 1972, Executive National Bank is a full-service community bank with approximately $455m in assets.
It operated three banking centres in Miami-Dade County.
Together, CNB and Executive National Bank had assets of nearly $15.5bn, $11bn in loans and $12.2bn in deposits as of 30 June this year.
The acquisition, which is subject to regulatory nod, will expand CNB’s footprint in South Florida.
CNB president and CEO Jorge Gonzalez said: “Our two banks share similar business models and enjoy a long history of serving South Florida. We look forward to continue delivering to Executive National Bank’s clients the exceptional service to which they are accustomed.”
Executive National Bank president and CEO Carlos Safie said: “Like Executive National Bank, City National Bank has built its business on local decision-making, has deep community roots, and has built long-lasting client relationships that often span generations.”
As per the agreement, Executive National Bank will also be absorbed by CNB, which is a subsidiary of Chile’s Banco de Credito e Inversiones (Bci).
Bci CEO Eugenio Von Chrismar said: “Acquiring Executive National Bank will advance our international growth strategy, building upon the success of our purchase of City National Bank.
“The United States and Florida, in particular, are important markets for Bci, and we will continue to pursue acquisitions that complement our core business model.”