MIAMI--(EON: Enhanced Online News)--Pacific National Bank (PNB) and its Trustee Robert Barnett announced today that they have signed a definitive agreement to sell the Miami-based community bank to a group of U.S. private investors. The agreement to sell the bank is for an aggregate consideration based on a premium to tangible book value at the time of closing subject to certain customary adjustments. The transaction is subject to approval by the Bank's primary regulator and is expected to close sometime in early 2014.
“We also look forward to expanding our brand in South Florida and other key markets.”
"We are excited that PNB will continue to serve the needs of South Florida’s residents, business community, and Ecuadorian customers," said Carlos Fernandez-Guzman, President and CEO of PNB. "We also look forward to expanding our brand in South Florida and other key markets."
RBC Capital Markets, LLC acted as an exclusive financial advisor to the Trustee in this transaction.
Pacific National Bank, headquartered at 1390 Brickell Avenue, was established as a national bank in 1985 and had $355 million in assets as of September 30, 2013.