Brickell Bank in Miami has bought a trade finance portfolio from the investment brokerage firm INTL FCStone.
The $519 million-asset Brickell did not disclose how much it paid. The bank said the deal includes a team of four trade finance and credit specialists led by Miguel Angel Burelo, INTL FCStone’s former head of trade finance.
Brickell obtained $40 million in commitments with "potential for future growth," Maggie Angulo Levine, the bank's chief credit officer, said in an emailed statement.
"Our … goal is to augment our core business areas such as trade finance, while continuing our commitment to our clients by providing outstanding customer service, tailor-made banking solutions and a portfolio of products that meet their current and future needs," G. Frederick Reinhardt, Brickell’s chairman and chief executive, said in a press release Thursday.