Spain's Banco Sabadell said Wednesday that it has agreed to acquire Miami-based JGB Bank for $56 million (41.2 million euros).
JGB is to be consolidated with Sabadell United Bank, the Spanish institution's Miami subsidiary.
JGB is currently controlled by Colombian Jaime Gilinski, who in turn is one of Sabadell's largest shareholders.
Founded in 1957, JGB is the second-oldest bank in South Florida and manages $530 million (390 million euros) in assets.
It has 71 employees and eight branches in greater Miami.
"Following the acquisition of JGB Bank, Sabadell United Bank is the leading domestic bank in Florida and the fifth-largest bank in the state in terms of assets, with a total of 31 branches, 40,000 customers and over $8 billion in business volume," Banco Sabadell said in a statement.
The $56 million cost of the acquisition - due to close in the first half of 2014, pending regulatory approval - is equal to 1.12 times JGB's book value.
Sabadell also said Wednesday that it completed the acquisition of the Lloyds Bank private banking business in Miami, a transaction that was announced in May and encompasses $900 million in managed assets and nearly $40 million in loans.
The completion of the Lloyds acquisition and the pact with JGB Bank "evidence our commitment to expanding in Florida and enhancing our presence in Latin America," Fernando Perez-Hickman, chairman of Sabadell United Bank and executive director of SabadellAmerica, said. EFE