City National Bank has entered into an agreement to purchase Miami-based Executive Banking Corporation, the parent company of Executive National Bank.
As of June 30, 2019, CNB and Executive National Bank had combined assets of approximately $15.5 billion, $11.0 billion in loans and $12.2 billion in deposits. The acquisition is subject to regulatory approval.
Executive National Bank, with assets of about $455 million, is a full-service community bank founded in 1972. It has three banking centers in Miami-Dade County. Executive National Bank and CNB have similar relationship-based business models. Executive National Bank will be merged into CNB.
The acquisition will expand CNB’s presence in South Florida, deepen its reach and banking center network, expand its client base, and help enhance its community association offerings. Executive National Bank’s focus on community associations complements
.
“We are excited about this next step in City National Bank’s journey to become Florida’s Iconic Bank,” said CNB President and CEO Jorge Gonzalez. “Our two banks share similar business models and enjoy a long history of serving South Florida. We look forward to continue delivering to Executive National Bank’s clients the exceptional service to which they are accustomed.”
CNB is a subsidiary of Chile’s Banco de Credito e Inversiones (Bci), Chile’s third-largest privately-owned bank, with more than $63 billion in assets.
