Business

The Bank of Coral Gables completes sale to First American Bank

The Bank of Coral Gables said Monday that it has completed its previously announced sale to First American Bank, headquartered in Elk Grove Village, Illinois.

Privately owned First American has 49 branches throughout the Chicago metropolitan area, $3.4 billion in assets and $1.8 billion under management.

Established in 2006 as a community bank, Bank of Coral Gables has $103 million in assets and one location at 2295 Galiano St. in Coral Gables.

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 Bank of Coral Gables said.

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