City National Bank of Florida in Miami has made two executive changes as its sale to a Chilean bank nears.
City National has named Chief Operating Officer Javier Sanchez to the newly created position of chief development officer, according to a recent press release. Veteran Florida banker Lloyd DeVaux will replace Sanchez as COO.
The $4.9 billion-asset City National is selling itself to Banco de Credito e Inversiones. BCI agreed to buy City National from Spain's Bankia for $882.8 million in May. The deal was scheduled to close at yearend. BCI plans to keep the City National brand.
As chief development officer, Sanchez will oversee customers' experience at the bank. He will manage City National's client services, treasury management and human resources departments.
"As the economy improves, we are preparing to implement a new strategic growth plan, and we cannot do this without ensuring that we stay true to our value proposition and continue delivering the best-in-class client experience that is the hallmark of City National Bank," President and Chief Executive Jorge Gonzalez said in the release.
DeVaux worked 12 years at BankAtlantic in Fort Lauderdale, Fla. He joined BankAtlantic as chief information officer in 2001 and was appointed COO in 2005. He also worked at Union Planters in Memphis, Tenn., where he served as senior executive vice president for technology and operations.
DeVaux's "insight into banking, commitment to South Florida and ability to inspire others are great assets that will play a large part in our future as we continue to expand," Gonzalez said.