City National Bank in Miami has agreed to buy Executive Banking Corp. in Miami.
City National, a $15 billion-asset unit of Chile’s Banco de Credito e Inversiones, did not disclose how much it will pay for the parent of the $455 million Executive National Bank.
Executive National, founded in 1972, has three branches. The bank focuses on community associations.
"We are excited about this next step … to become Florida’s iconic bank,” Jorge Gonzalez, City National’s president and CEO, said in the release.
“Our two banks share similar business models and enjoy a long history of serving South Florida,” Gonzalez added. “Clients are at the center of every decision we make. This transaction will allow us to even better serve their needs.”
City National bought Miami's TotalBank last year.
City National was advised by Sandler O’Neill and Avila Rodriguez Hernandez Mena & Ferri. Executive National was advised by Keefe, Bruyette & Woods and Smith MacKinnon.
