City National Bank (CNB) has announced it has entered into an agreement to purchase Miami-based Executive Banking Corporation, the parent company of Executive National Bank.
As of June 30, CNB and Executive National Bank had combined assets of approximately $15.5 billion, $11.0 billion in loans and $12.2 billion in deposits. The acquisition is subject to regulatory approval.
Executive National Bank, with assets of about $455 million, is a full-service community bank founded in 1972. It has three banking centers in Miami-Dade County. Executive National Bank and CNB have similar relationship-based business models. Executive National Bank will be merged into CNB.
The acquisition will expand CNB’s presence in South Florida, deepen its reach and banking center network, expand its client base, and help enhance its community association offerings. Executive National Bank’s focus on community associations complements CNB’s already strong presence in this market. Executive National Bank has a long history of serving businesses and professionals in South Florida with its team of highly-regarded bankers focused on delivering an exceptional client experience.
“We are excited about this next step in City National Bank’s journey to become Florida’s Iconic Bank,” said CNB President and CEO Jorge Gonzalez. “Our two banks share similar business models and enjoy a long history of serving South Florida. We look forward to continue delivering to Executive National Bank’s clients the exceptional service to which they are accustomed. Clients are at the center of every decision we make. This transaction will allow us to even better serve their needs.”
The acquisition further solidifies CNB as the Big Bank Alternative in Florida, delivering an exceptional client experience with a focus on long-lasting personal relationships and local decision-making.
“We made the decision to join forces with City National Bank knowing that our clients will continue to receive the Executive Treatment they are accustomed to, while also being able to access a broader suite of banking services,” Carlos Safie, President and CEO of Executive National Bank said. “Like Executive National Bank, City National Bank has built its business on local decision-making, has deep community roots, and has built long-lasting client relationships that often span generations.”
CNB is a subsidiary of Chile’s Banco de Credito e Inversiones (Bci), Chile’s third-largest privately owned bank, with more than $63 billion in assets. For Bci, the acquisition represents an opportunity to increase its presence in the United States and support its international diversification.
“Acquiring Executive National Bank will advance our international growth strategy, building upon the success of our purchase of City National Bank,” Bci CEO Eugenio Von Chrismar said. “The United States and Florida, in particular, are important markets for Bci, and we will continue to pursue acquisitions that complement our core business model.”
CNB was advised by Sandler O’Neill & Partners, L.P. and the law firm of Avila Rodriguez Hernandez Mena & Ferri LLP. Executive National Bank was advised by Keefe, Bruyette & Woods, Inc., a Stifel Company, and the law firm of Smith MacKinnon, PA.