The deal follows the appointment of the Federal Deposit Insurance Corporation (FDIC) as receiver of the institution.
FDIC will bear 80% of impairment losses on certain loans acquired by Sabadell United Bank as part of a loss-share agreement which covers the deal.
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Sabadell United Bank, a unit of Banco de Sabadell, has acquired assets totaling $1.6bn net at a discount of approximately $176m, and liabilities totaling $1.6bn, including $1.2bn in customer deposits.
Sabadell United Bank already has branches in Miami-Dade, Broward and Palm Beach counties. The acquisition will add Lydian Private Bank branches in Palm Beach, Palm Beach Gardens, Tampa, Sarasota, Naples and Coral Gables.
With this acquisition, Sabadell United Bank expands its network of branches to 25 locations in six counties.
Sabadell United president and CEO Mario Trueba said this is a strategic acquisition that will give them a broader geographic service area, and expanded private banking services. This transaction will give them locations on Florida’s West Coast, expands their 20-year presence in Palm Beach County, and is part of their strategy to seek acquisitions and become a significant statewide bank.
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By GlobalDataSabadell United Bank was advised on this transaction by Keefe, Bruyette & Woods, with legal representation by Hunton & Williams.
