City National Bank (CNB), Florida’s “Big Bank Alternative,” received final regulatory approval to acquire Miami-based TotalBank.
The Superintendencia de Bancos e Instituciones Financieras (SBIF) and the Central Bank of Chile issued their approvals Friday. The Office of the Comptroller of the Currency (OCC) in the United States approved the transaction in April.
With these approvals in place, CNB will proceed with the $528 million purchase of TotalBank from Banco Santander. The transaction, announced in December, is expected to be completed in June.
“This acquisition is an important milestone for City National Bank toward realizing our vision of becoming Florida’s iconic bank,” CNB President and CEO Jorge Gonzalez said. “I look forward to welcoming TotalBank clients and team members to the CNB family and earning their continued loyalty.”
The transaction brings together two of Florida’s most respected financial institutions to create the third-largest bank in the state with $14 billion in assets, and places CNB in the top two percent of the 5,300 banks nationwide.
The acquisition deepens CNB’s reach, expands its banking network and diversifies its client base. The additional scale and market share strengthens CNB’s position as the “Big Bank Alternative” in Florida, offering the same products and services as large banks but with a personalized experience and the benefits of local decision-making. TotalBank clients will benefit from CNB’s broader offering of products and solutions and larger platform, which includes locations from Miami to Central Florida.
“We are combining two strong community banks in a transaction that benefits clients, employees and the community,” Gonzalez said. “It will strengthen our ability to deliver on our value proposition for clients -- being large enough to give them what they want and small enough to provide it the way they want it.”
About City National Bank of Florida
Headquartered in Miami, City National Bank (CNB) is the financial institution to which Floridians have turned for 70 years. With more than $11 billion in assets, CNB is one of the largest financial institutions based in the state. City National Bank is a subsidiary of Chilean bank, Banco de Credito e Inversiones (Bci), and remains a South Florida-based community bank with local decision making. City National Bank is one of the most liquid and best capitalized banks in Florida and is rated 5 stars "Superior" by BauerFinancial. CNB was voted Best Community Bank, Best Business Bank, Best Bank for Commercial Real Estate, Best Bank for Jumbo Loans, Best Private Bank and Best Foreign National Mortgage Lender by the readers of the Daily Business Review for the past four years. CNB offers a diversified portfolio of financial products and services at 26 convenient banking centers from Miami-Dade County to Central Florida.
About TotalBank
Headquartered in Miami, TotalBank is a leading, full-service community bank offering personal and business banking, lending, and wealth management services. TotalBank consistently ranks as one of the healthiest banks in the country and, for the past fifteen quarters, has received a 5-stars “Superior” rating from Bauer Financial for its financial stability. TotalBank has proudly served the Miami community for more than 40 years. For additional information, please visit www.totalbank.com.
About Bci
Banco de Crédito e Inversiones (SSE: Bci) is Chile’s third-largest private bank. Founded more than 80 years ago, it has more than 356 banking centers throughout Chile and more than 10,500 employees. It has operations in Miami and representative offices in Mexico, Lima, Sao Paulo, Bogota and Shanghai. In the US, Bci owns and operates the Bci Miami branch, Bci Securities and City National Bank, which was acquired in 2015, making Bci the first Chilean financial institution to own a bank in the United States.
Bci is recognized by its peers because of its high corporate governance standards, transparency and financial strength. Throughout the past 6 consecutive years, Bci has been awarded by World Finance Banking as the “Best Banking Corporation” and “Best Private Bank”, as well as garnered first place on the “Chilean Customer Satisfaction Index”. Bci has also been recognized in the 4th place in the “Best Place to Work” Ranking in Chile in 2017 and also “Best Corporate Reputation in Chile” by Merco, among other recognitions related with Corporate Governance, Corporate Social Responsibility and Financial Inclusion.
By the end of the first quarter of 2018, Bci had almost 14% market share in the Chilean market (loans). The bank reached $57 billion in assets, $42 billion in loans and $180 million of net income (including City National Bank of Florida). Bci has a strong consolidated equity and financial position backed by a AAA risk grade by FellerRate and Fitch Ratings, A1 by Moody’s and A by Standard & Poors.
