Mellon Buys 11-Branch Miami Bank

Mellon Bank Corp. said it has completed its acquisition of United Bankshares, a $830 million-asset Miami bank. The price was not disclosed.

The deal brought $44.3 billion-asset Mellon 11 branches in affluent communities in the Dade, Broward, and Palm Beach counties of southern Florida. Industry watchers have estimated the price at $350 million to $400 million.

United Bankshares, a closely held bank founded in 1978, caters to high- net-worth individuals and small businesses, its executives said. Mellon executives said when the deal was announced that United Bank complemented its own niche banking services, especially asset management.

United Bankshares will keep its senior management and operate as Mellon United National Bank.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER