First American adds to Florida operations with Continental acquisition

First American Bank in Elk Grove Village, Ill., has agreed to buy Continental National Bank in Miami.

The $5.3 billion-asset First American did not disclose the price it will pay.

The $490 million-asset Continental was Miami's first Cuban-American owned national bank, First American said in its release.

First American said it will bring more sophisticated lending products to the "vibrant Hispanic exile business community that Continental ... served since 1974."

First American, which has 53 branches in Wisconsin, Illinois and Florida, entered South Florida in 2014 when it bought Bank of Coral Gables. Its Florida operations have largely involved serving privately held small and midsize businesses.

Sandler O’Neill and Avila Rodriguez Hernandez Mena & Ferri advised Continental. Barack Ferrazzano Kirschbaum & Nagleberg advised First American.