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City National Bank of Florida to buy parent of Executive National Bank

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City National Bank of Florida to buy parent of Executive National Bank

City National Bank of Florida agreed to purchase Miami-based Executive Banking Corp., the parent company of Executive National Bank.

Financial terms of the transaction were not disclosed in the news release.

Under the terms of the deal, Executive National Bank will be merged into City National Bank of Florida. Executive National Bank and City National Bank of Florida had combined assets of approximately US$15.5 billion, US$11.0 billion of loans and US$12.2 billion of deposits as of June 30, according to a news release.

S&P Global Market Intelligence valuations for bank and thrift targets in the Southeast region between Sept. 25, 2018, and Sept. 25, 2019, averaged 155.61% of book and 166.76% of tangible book and had a median of 17.32x last-12-months earnings on an aggregate basis.

Banco de Credito e Inversiones SA, the parent of City National Bank of Florida, will expand in Miami-Dade County, Fla., by three branches due to the acquisition. The branches will be ranked fifth with a 7.26% share of approximately $141.88 billion in total market deposits.

Banco de Credito e Inversiones said the deal represents an investment of US$75 million, which it will fund with internal resources.

City National Bank of Florida was advised by Sandler O'Neill & Partners LP and the law firm of Avila Rodriguez Hernandez Mena & Ferri LLP. Executive National Bank was advised by Keefe Bruyette & Woods Inc. and the law firm of Smith MacKinnon PA.

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