Bank of Coral Gables to be merged into Illinois-based First American Bank

 

icordle@MiamiHerald.com

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.

Read more Business stories from the Miami Herald

  •  
Marcell Haywood

    BUSINESS MONDAY CEO ROUNDTABLE

    Taxi alternatives could improve service

    Today marks the launch of the Miami Herald CEO Roundtable, comprising more than two dozen CEOs and senior executives in companies large and small from the region’s key industries. The goal: To provide a temperature check of local economic conditions and business opinions on current topics. Look for a selection of responses each week in print; to see all responses, go online at MiamiHerald.com/business. And keep an eye out for our live CEO Roundtable event later this fall.

  • 122 South Florida companies make Inc. 5000 list

    Inc. magazine unveiled its annual list of fastest-growing private companies in America on Wednesday, and 122 companies from the Miami metropolitan area made the cut.

  • Miami-based Movéo car service expands to Colombia

    Movéo, a global luxury ground transportation company based in Miami, announced it is expanding into Colombia, with access to more than 300 executive vehicles.

Miami Herald

Join the
Discussion

The Miami Herald is pleased to provide this opportunity to share information, experiences and observations about what's in the news. Some of the comments may be reprinted elsewhere on the site or in the newspaper. We encourage lively, open debate on the issues of the day, and ask that you refrain from profanity, hate speech, personal comments and remarks that are off point. Thank you for taking the time to offer your thoughts.

The Miami Herald uses Facebook's commenting system. You need to log in with a Facebook account in order to comment. If you have questions about commenting with your Facebook account, click here.

Have a news tip? You can send it anonymously. Click here to send us your tip - or - consider joining the Public Insight Network and become a source for The Miami Herald and el Nuevo Herald.

Hide Comments

This affects comments on all stories.

Cancel OK

  • Marketplace

Today's Circulars

  • Quick Job Search

Enter Keyword(s) Enter City Select a State Select a Category