Gibraltar Private Bank and Trust Co. in Coral Gables, Fla., has added to its wealth management division by hiring two employees with ties to Lydian Private Bank, which was closed by regulators in August.
Gibraltar hired William Van Dresser as an executive vice president and the managing director of wealth management, the South Florida Business Journal reported in its Tuesday online version. Van Dresser, who had worked for Lydian Wealth Management, will be based in Coral Gables and Fort Lauderdale.
The $1.7 billion-asset Gibraltar Private Bank also hired former Jeff Rehm, a former Lydian Wealth Management associate, as a vice president and a private wealth advisor in Palm Beach, according to the report. Gibraltar is opening a West Palm Beach office, though it will not serve as a branch.
Lydian Wealth Management was affiliated with Lydian Private Bank in Palm Beach, Fla., which was shuttered by the Office of the Comptroller of the Currency. The Federal Deposit Insurance Corp. sold the bank's assets to Sabadell United Bank, which also agreed to assume the bank's $1.24 billion of deposits.
In June, Gibraltar said it had hired several other executives to meet its growth goals, adding that it expected its assets to reach as much as $3.5 billion within three to five years.
