Community banking

Chile's BCI Gets Regulators' Approval for City National Purchase

By Lalita Clozel September 22, 2015, 2:00 p.m. EDT 1 Min Read

M&A

All I Want for the Holidays Is My Bank Deal Approved

The end of the year is a busy time for closing bank acquisitions at least buyers are hoping that is the case. With the average deal taking about 120 days to complete, there are plenty of banks anxiously awaiting a call from regulators.

By Robert Barba

December 5
M&A

City National Bank of Florida Shuffles Execs Ahead of Takeover

City National Bank of Florida in Miami has made two executive changes as its sale to a Chilean bank nears.

By Sarah Todd

September 23
Consumer banking

Chile's BCI to Buy City National Bank of Florida for Nearly $900M

Chilean bank Banco de Credito e Inversiones has agreed to buy the $4.7 billion-asset City National Bank of Florida from Spain's Bankia for $882.8 million.

By Chris Cumming

May 24

Chile's Banco de Credito e Inversiones has received regulatory approval to acquire City National Bank of Florida, more than two years after the deal was announced.

The Federal Reserve Board approved the acquisition on Monday and Chile's BCI expects the deal to close within 30 days.

In May 2013, BCI agreed to pay about $883 million to acquire the $6.1 billion-asset City National Bank from Spain's Bankia. BCI plans to keep the City National brand. City National operates 26 branches in Florida, including offices in its home town of Miami, as well as Boca Raton, Fort Lauderdale and Orlando.

Bankia put City National on the auction block after an agreement with the European Union required Bankia to sell foreign, noncore business units.

Reporter, American Banker

twitter

For reprint and licensing requests for this article, click here.

Community banking

MORE FROM AMERICAN BANKER

Economy

The economy is looking good for banks in 2025 — but watch out for 2026

Economists say the U.S. economy is leaving 2024 healthy, with unemployment low, inflation manageable and growth robust. Unknown variables — including the depth and scope of President-elect Donald Trump's immigration and tariff policies — could change that course, but likely not until 2026.

By John Heltman

4h ago
M&A

Banner year for CU-bank tie-ups extends with deal in Maryland

Hanscom Federal Credit Union in Massachusetts said it would acquire Peoples Bancorp and its insurance agency. It marked the 21st deal of the year involving a credit union buying a bank.

By Jim Dobbs

December 20
OCC

OCC highlights growing pressures in 'sound' banking system

The OCC's 2024 annual report said that while the federal banking system remains stable, it faces challenges such as rising credit costs, declining net income and increasing nonperforming loans.

By Ebrima Santos Sanneh

December 20
Industry News

BNY expands employee benefits, boosts minimum wage to $25 per hour

BNY announced expanded employee benefits and a boost in its minimum wage for all U.S.-based employees; Synovus has added former FIS executive Greg Montana to its executive board; National Bank Holdings sold off a fifth of its securities portfolio; and more in this week's banking news roundup.

By Editorial Staff

December 20
Payments

Technology, fees and a mega-merger: top payments news of 2024

The Capital One-Discover merger, the war against Visa and Mastercards' swipe fees and budding payment technologies were most popular with American Banker readers in 2024.

By Editorial Staff

December 20
Social media

Banks fleeing X may soon turn to Bluesky

Financial institutions that build a presence on the social media platform could gain a first-mover advantage and a communications channel with potential customers, experts say.

By Keith Button

December 20