Business

Pacific National under new ownership

Pacific National Bank
Pacific National Bank

Pacific National Bank has completed its previously announced sale of 100 percent of the bank’s shares to four private investors, Stephen H. Deckoff, Leslie A. Meier, Mounir Nahas, and Michael P. Moreno. The purchase price was not disclosed.

The sale, announced in October 2013, 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.

Under new ownership, Miami-based PNB said it will continue to serve its customers, as well as expand its community bank model. Deckoff, Meier and Nahas join local banking veterans and current PNB board members Clemencia de Tobon, Peter Phillips and Carlos R. Fernandez-Guzman on PNB’s board, the bank said.

Pacific National Bank, headquartered at 1390 Brickell Ave., was established as a national bank in 1985 and has $353 million in assets.

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