Sabadell United Bank on Tuesday reported a net profit of $6.6 million for the fourth quarter of 2011, compared to a pofit of $836,000 for the quarter ended Dec. 31, 2010.
For the full year, the Miami-based bank, which is owned by Banco Sabadell of Spain, posted net income of $18.1 million, up from $7.4 million in 2010.
Sabadell United had $3.51 billion in assets at Dec. 31, 2011, compared to $2.39 billion in assets on June 30, 2011, before its August 19, 2011 acquisition of Lydian Private Bank of Palm Beach. The consolidated institution now has 24 branches in Florida.
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