NEW YORK, Nov. 21, 2018 /PRNewswire/ -- Emigrant Bank ("Emigrant") today announced that its subsidiary, EB Safe, LLC, will exercise its right of first refusal and will acquire the 25% stake that it does not already own in majority-owned subsidiary, Fiduciary Network, LLC ("FN"), from former members of FN's management team. The transaction, which will bring EB Safe's beneficial ownership in FN to 100%, will have no effect on its IFA Partners.
"Emigrant remains deeply committed to the future of FN and our IFA Partners," said Barry S. Friedberg, FN board member and Chair of Emigrant's Finance Committee. "To date, Emigrant has invested $155 million of permanent capital through FN to support the financing needs of independent advisory firms representing nearly $40 billion in client assets and approximately $200 million of aggregate revenue for internal succession, growth and other strategic transactions."
Emigrant's financial and legal advisors in the transaction were Silver Lane Advisors LLC and Dechert LLP, respectively. FN's financial advisor was Evercore Inc.
About Emigrant Savings Bank
Founded in 1850 to serve the financial needs of a growing America and a dynamic emigrant population, Emigrant today is now the largest privately held, family-owned and run bank in America. Emigrant offers fully-integrated banking, custom lending, insurance services and trust administration services to meet the needs of wealthy individuals, families, endowments, foundations and corporations, directly and through its various subsidiaries: Emigrant Capital, New York Private Trust, Emigrant Fine Art Finance, Personal Risk Management, Summitas, Galatioto Sports Partners and New York Private Bank & Trust.
SOURCE Emigrant Bank