Pacific National Bank in Miami has found a buyer.
The $345 million-asset lender has signed an agreement to be sold to private U.S. investors, it announced Monday. The bank cannot disclose the identity of the buyer until the buyer files its application to purchase the bank with the Office of the Comptroller of the Currency, Chief Executive Carlos Fernandez-Guzman said. He expects the filing to take place within 30 days.
The sale price was not disclosed, but it is a premium on Pacific National's book value, the bank said. The deal was arranged by Robert Barnett, a trustee assigned to manage the bank's sale, and assisted by RBC Capital Markets. Two years ago. Pacific National was required to sell itself after the central bank of Ecuador ordered its parent company, Banco del Pacifico, to transfer ownership to a development bank that is also owned by the Ecuadorean government. Because the development bank was not approved as a U.S. bank holding company, Pacific National's shares were placed in a trust and the bank was required to find a buyer.
Under its new ownership, the nationally chartered Pacific National hopes to expand in Miami and into other markets.
"The bank plans to continue as a community bank but looks to expand its operations," said Fernandez-Guzman. He added that the current management would remain in place after the sale is completed.
Pacific National has one branch in Miami. It is under a 2011 consent order with the OCC to improve its anti-money laundering compliance.