Pacific National Bank, the Miami-based institution that was until recently a subsidiary of Ecuador’s national bank, is being sold to an unnamed group of investors looking to expand the bank’s reach.
The bank announced Monday that a U.S. federal trustee approved the sale, which was part of a complex regulatory action tied to its former parent, Banco del Pacifico, an arm of Ecuador’s central bank. Because of a change in the foreign bank’s structure, U.S. laws required it to sell its U.S. subsidiary. The Federal Reserve appointed a trustee to oversee the sale on behalf of the parent in Ecuador.
The details of that deal, including the names of the investors and the sale amount, will be disclosed in future filings, said Pacific National CEO Carlos Fernandez-Guzman. In a release, the bank said the sales price represented “a premium” on the bank’s book value, which Fernandez-Guzman said was listed at $39 million in the bank’s last regulatory report filed in June.
Pacific National has one location, at 1390 Brickell Avenue. About half of its deposits at the start of 2013 were from Banco del Pacifico, Fernandez-Guzman said. Now, the bank estimates U.S. clients account for about 65 percent of its deposits, while the bank’s loan business relies on traditional community lending, including financing apartment buildings, business loans and other local ventures. Monday’s release listed the bank’s assets at $355 million.
Fernandez-Guzman said bank executives and its owners “look forward to expanding our brand in South Florida and other key markets.”