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Investors would be interested in buying Emigrant's 32 New York branches if the price is right and a deal can be done soon, Investors CEO Cummings says, according to a report.
February 14 -
Two private-equity groups have agreed to invest a combined $100 million in a union-owned, New York bank that intends to use the proceeds to beef up its lending.
September 26
Piraeus Bank, a large Greek bank reeling from the country's ongoing debt woes, is selling Marathon Bank of New York, a 13-branch ethnic bank in Queens expected to fetch $90 million to $140 million, industry sources say.
Piraeus has hired KBW's Keefe, Bruyette & Woods (KBW) to shop the nearly $900 million-asset Marathon, which Piraeus has owned since 1999, said one of four sources that declined to be identified because the process is private.
KBW began soliciting bids in recent weeks for Marathon, which is a healthy — if not extremely profitable — bank. The bank caters to the large number of Greeks that live in Astoria, N.Y., where it is based. Among the companies with operations around New York City that have expressed interest in Marathon: People's United Financial in Bridgeport, Conn. (PBCT); New York Community Bancorp (NYB) in Westbury, N.Y., and Investors Bancorp (ISBC) in Short Hills, N.J., sources say.
Other banks looking to expand
Michael Gelormino, a KBW spokesman, wrote in an e-mail that the investment bank "does not comment on rumors."
Marathon and the banking companies mentioned as potential suitors declined to comment or did not return calls. Piraeus, which is based in Athens, could not be reached for comment.
Piraeus, Greece's fourth-largest bank by assets, lost about $8.2 billion last year because of rising bad loans and a big impairment tied to its participation in Greece's debt restructuring plan.
Interest in Piraeus' U.S. bank is strong because New York is among the
Its fairly small size and narrow focus on Greek immigrants could depress its value. Bankers expect Marathon to sell between its tangible book value and a multiple of 1.5 times book value. At yearend, Marathon's tangible book value was about $93 million.
