Sabadell United Bank said its parent has reached an agreement to acquire JGB Bank of Miami, consolidating a bank controlled by Jaime Gilinski into Banco Sabadell, a global bank in which Gilinski is the largest shareholder. The purchase also further expands Sabadell United Bank’s presence in South Florida.
JGB Bank was founded in 1957 and was acquired by Gilinski in 1988. JGB Bank has $530 million in assets, and operates eight branches in Aventura, Miami, Miami Beach, Doral, Coral Gables, Surfside and Medley, with 71 employees.
The deal, subject to regulatory approvals, will increase Sabadell United Bank’s network to31 locations and more than 40,000 clients, the bank said.
Last month, Sabadell completed its previously announced acquisition of the assets and liabilities of Lloyds Bank's private banking business in Miami, giving it $900 million in managed assets, $40 million in loans and 25 additional employees.