Coral Gables, Fla.-based Amerant Bank NA intends to acquire 100% of Mercantil Bank & Trust Ltd. in the Cayman Islands from Mercantil Panama, an indirect wholly owned subsidiary of Venezuela-based Mercantil Servicios Financieros CA.
The deal, valued at approximately $14.6 million, is in connection with Amerant Bancorp Inc.'s spinoff from Mercantil Servicios, which was completed in 2018, according to an application filed with the U.S. Federal Reserve. Amerant Bancorp is the parent of Amerant Bank and was formerly known as Mercantil Bank Holding Corp. The estimated purchase price is based on Mercantil Bank & Trust's shareholders' equity, plus a premium of $885,000.
Completion of the proposed acquisition is subject to customary closing conditions, including approval by the Federal Reserve's Board of Governors.
