BAC Florida Bank and Northern Trust Corp. (NTRS) in Chicago have called off a deal in which Northern Trust had planned to sell $65 million of sell international deposits to the Coral Gables bank.
The Florida Office of Financial Regulation approved a final order on May 30 allowing Northern Trust to sell the deposits, which are managed by a Northern private banking group office in Miami.
The deposit portfolio would have represented approximately .08% of Northern's deposits, as of Dec. 31, 2013, and nearly 6% of BAC's deposits.
But both companies mutually agreed to withdraw this application order three months after submitting it to the Florida Office of Financial Regulation, according to the South Florida Business Journal, which first reported this story.
Frank Robleto, chief executive of BAC Florida Bank, told Business Journal that there were "certain integration issues concerning the execution of the deposit purchase agreement, and dealing with them would offset some of the benefit in purchasing that portfolio."