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Brickell Bank acquisition priced at $11M


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Brickell Bank acquisition priced at $11M

The Swiss banking family set to buy Brickell Bank is paying $11.0 million for the Miami-based institution.

Joseph Benhamou is acquiring 956,558 shares, according to a regulatory filing recently acquired by S&P Global Market Intelligence. Mirella Benhamou-Arbib is acquiring 956,557 shares, and Mycol Benhamou-Namdar is acquiring 1,275,410 shares. Each share will be bought for $3.45. The filing lists a book value per share of $9.03.

Benhamou and his family are major stockholders of Geneva-based CBH Compagnie Bancaire Helvétique SA.

Benhamou intends to join Brickell's board, replacing one of the non-Florida residents — David Pasahow or Christopher Smith. Jorge Gross is expected to retain his seat, as is Chairman Frederick Reinhardt. Another vacancy has yet to be filled, following the Feb. 5 resignation of Carlos Modia.

Reinhardt is also anticipated to continue in his role as Brickell's CEO. The group chief compliance officer, the head of residential real estate lending, the senior credit officer, the treasurer and the security officer, too, will stay on.

Brickell is additionally in the process of naming a CFO, COO and wealth management head.