The Seminole Tribe of Florida is reportedly seeking approval to form a bank and buy Valley Bank in Fort Lauderdale, Fla.
The Florida Office of Financial Regulations last month received documents from the tribe tied to buying the $84 million-asset bank, a spokeswoman for the agency told the South Florida Business Journal. The agency then sent information to the tribe detailing on how to apply to buy Valley, she said.
The reported also noted that Seminole Bank had filed an interim merger application with the Federal Deposit Insurance Corp. to buy Valley, which was "critically undercapitalized" on March 31.
A spokesman for the tribe also confirmed its interest in the acquisition, though he did not provide the South Florida Business Journal with a reason for pursuing the deal.