Capital Funding Bancorp Inc. in Baltimore said Tuesday that it had agreed to buy AmericasBank Corp. in Towson, Md., for an undisclosed cash sum.
The buyer was set up by Jack Dwyer, the owner of the mortgage and health-care financing company Capital Funding Group Inc., to buy a depository. The deal is expected to close this quarter, and the banking company would then assume some of Capital Funding Group's lending functions.
Capital Funding Bancorp would contribute $35 million of capital and the servicing rights on $1 billion of loans to the target company's $145 million-asset AmericasBank.
At Dec. 31 the bank did not meet regulatory standards to be considered well-capitalized: It had a total risk-based capital ratio of 8.13% and a Tier 1 risk-based capital ratio of 6.85%, according to the Federal Deposit Insurance Corp.
"This agreement provides us with the necessary capital and financial strength to operate in today's challenging banking environment and positions us nicely as a well-capitalized bank," Lee W. Warner, AmericasBank's chairman, said in a press release.
Two other nondepositories announced similar deals last month.
On March 18, Hantz Holdings Inc. in Southfield, Mich., said it planned to buy the $45 million-asset Davison State Bank in Davison, Mich. And on March 3, Orchard First Source Asset Management LLC said it had agreed to take an 80% stake in Beverly Hills Bancorp Inc. in Calabasas, Calif.
AmericasBank has lost roughly $9 million in the course of the past five consecutive quarters.
Last summer, it shuttered its mortgage lending unit to cut expenses. The change came about two months after the company dismissed its chief executive, Mark H. Anders.