Latest News

Miami's TotalBank gets approval for sale to Miami's City National Bank

On Friday, Dec. 1, 2017, City National Bank announced it was purchasing TotalBank for $528 million from Banco Santander of Spain. The deal received regulatory approval Monday. The merger of the two Miami-based banks now makes City National the third-largest bank based in the state of Florida.
On Friday, Dec. 1, 2017, City National Bank announced it was purchasing TotalBank for $528 million from Banco Santander of Spain. The deal received regulatory approval Monday. The merger of the two Miami-based banks now makes City National the third-largest bank based in the state of Florida. City National Bank

At least the area code is staying the same.

TotalBank, the Miami-based financial institution that turned 43 earlier this year, has been bought out from its Spain-based owner by City National Bank — founded in Miami less than a year after TotalBank's creation in 1945.

The deal, which was penned in December, was approved by regulators Friday.

TotalBank, which has about $3 billion in assets and 20 branches in Miami-Dade County, suffered losses during the recession. It undertook an expansion plan to dig out in the years that followed, but could not turn down City's $528 million buyout offer.

The transaction makes City National the third-largest bank in Florida, with approximately $14 billion in assets (BankUnited and Raymond James remain the two largest in the state).

“This acquisition is an important milestone for City National Bank toward realizing our vision of becoming Florida’s iconic bank,” CNB President and CEO Jorge Gonzalez said in a statement. City is owned by Chilean-based Banco de Credito e Inversiones.

As to whether the transaction will result in layoffs, a City National spokesperson responded that "there will be some overlap with product offerings, locations and people."

Related stories from Miami Herald

  Comments