Spain's Banco Sabadell to Buy JGB Bank in Miami

Banco Sabadell in Spain has agreed to buy JGB Bank in Miami.

The company said Monday that its Sabadell United Bank will absorb the $530 million-asset JGB as part of the deal. Banco Sabadell did not disclose any terms for the transaction, which it expects to close in the first half of next year.

JGB, formed in 1957, was sold in 1998 to Jaime Gilinski. The bank has eight branches in south Florida.

The acquisition "builds upon our long-term objective to provide first-rate service to our clients by further establishing our presence in Florida," Mario Trueba, Sabadell United's president and chief executive, said in a press release.

"We have experienced powerful growth in Florida on both the domestic and international sides of our business," Fernando Perez-Hickman, Sabadell United's chairman, said in the release. "We are committed to our strategy of expansion within Florida."

Sabadell United has $3.6 billion in assets and 23 branches. Keefe, Bruyette & Woods provided financial advice to Sabadell; Hunton & Williams was its legal representative.

Separately, Banco Sabadell said it had completed its acquisition of the assets and liabilities of Lloyds Bank's private banking business in Miami. The transaction, which closed Nov. 1, included about $900 million in managed assets and $40 million in loans. In addition, 25 employees from Lloyds Bank joined Sabadell's international branch in Miami.