The Bank of Coral Gables said Monday that it will be merged into First American Bank. Headquartered in Elk Grove Village, Ill., privately owned First American has 49 branches throughout the Chicago metropolitan area and $3.4 billion in assets.
The move represents First American Bank’s first full service location in Miami-Dade, which it said will enhance its commercial banking and trade finance presence in South Florida. First American Bank has been an active SBA and Ex-Im Bank lender in the Miami-Dade County market for the past decade.
Established in 2006, Bank of Coral Gables is a full service locally-owned community bank, with $103 million in assets. William H. Kerdyk, Jr., chairman of the Bank of Coral Gables, along with founding bank director Michael Kashtan, will join the board of directors of First American Bank. The current board will serve on a local Miami advisory board. Dan Eggland, president and CEO of the Bank of Coral Gables, will continue in a leadership position as branch president developing and serving major relationships, the bank said.
The deal is subject to the approval of the Bank of Coral Gables’ stockholders, the receipt of regulatory approvals and other conditions. Closing is expected in the third quarter of this year, the banks said.