Spain-based Banco Sabadell has signed an agreement to purchase JGB Bank in Miami, which will be integrated with its subsidiary, Sabadell United Bank, in the city.
Under the terms of the transaction, JGB Bank will be purchased from GNB Holdings Trust of JGB Financial Holding Company.
The deal, which has been priced at nearly $56m, is likely to conclude during the first half of 2014, subject to regulatory approvals.
Established in 1957, JGB Bank presently has $530m in assets, and a workforce of 71 staff, operating from eight offices across Aventura, Miami, Miami Beach, Doral, Coral Gables, Surfside and Medley.
After the purchase JGB Bank, Sabadell United Bank will emerge as the fifth-largest bank in Florida in terms of assets, with a total of 31 branches, 40,000 customers and more than $8bn dollars in business volume.
Banco Sabadell said that it completed the acquisition of the assets and liabilities of the Lloyds Bank private banking business in Miami, which was initially signed in May.
Post-acquisition, about 25 staff of the Lloyds Bank private banking arm joined the Banco Sabadell international office in Miami, to offer banking services to individuals and enterprises operating in the US and Latin America.