City National's Suitors Ready Bids for Florida Bank

Banks are preparing their bids for City National Bank of Florida and are expected to make offers in the next few days, according to a published report.

TD Bank (TD), BB&T (BBT), PNC (PNC), Banco Popular (POP) and Banco Sabadell (SAB) are all expected to bid on the $4.8 billion-asset bank, Reuters reported Wednesday, citing unidentified sources. Goldman Sachs is City National's investment bank and has been asking for between $900 million and $1 billion, though sources say bids are more likely to be in the range of $600 to $800 million, the report says.

City National's parent company, the Spanish lender Bankia, said in November that a recapitalization agreement with the Spanish government and the European Union would require it to sell the Miami bank and several other holdings. Bids for City National are due March 11.

Bankia Chief Executive Jose Ignacio Goirigolzarri said last week that a dozen bidders had already submitted non-binding offers, and he expects to complete a sale by the end of the third quarter, according to Reuters.