MIAMI, Jan. 15 /PRNewswire/ -- Banco Sabadell announced that it completed the acquisition of Miami-based Mellon United National Bank (MUNB) after obtaining necessary approvals from the Federal Reserve Bank of Atlanta and the Bank of Spain, Spain's Central Bank.
The acquisition creates the 6th largest local bank based in Miami in terms of deposits. Sabadell group now manages a total of $6.4 billion dollars of business (investment and funds). Banco Sabadell acquired a total $1,675 million dollars in deposits and $875 million dollars in loans (60% of the loan book) after selecting the assets to be included in the MUNB deal. MUNB has fifteen branches in Miami-Dade, Broward and Palm Beach counties.
"The successful completion of the Mellon United National Bank transaction represents a major step in the growth of our U.S. operations," stated Fernando Perez-Hickman, Managing Director, Banco Sabadell America. "We are very pleased with this transaction and especially the quality of professionals that make up MUNB, and its excellent relationship with their customers."
This acquisition confirms Banco Sabadell's strategy to strengthen its international presence and consolidate its positioning in the U.S. In addition, this transaction demonstrates Banco Sabadell's clear commitment to the Florida market and confidence in the U.S. financial markets.
The acquisition of Mellon United National Bank, Banco Sabadell's third acquisition in the area, follows the acquisition of TransAtlantic Bank in 2007 and continued with that of BBVA's private banking business in Miami in April 2008.
Sabadell United Bank will be the new brand of the bank. The bank's internal and external signage and branding will be replaced during the second quarter 2010.
Banco Sabadell (IBEX:SAB) is Spain's fourth-largest bank and has more than 125 years of experience in corporate and personal banking. It has over 1,200 branches throughout Spain and a presence in another 19 countries, notably in China, India, the Middle East, Africa and Latin America.
Banco Sabadell's capital ratios are among the highest in the European banking sector. It has assets totaling more than 118 billion dollars and close to 10,000 employees worldwide. Banco Sabadell is the only Spanish bank with ISO 9001 certification for all its global processes and the Gold Seal from the European Foundation for Quality Management (EFQM).
www.bancosabadell.com - Press Room
SOURCE Banco Sabadell