Following the acquisition, Sabadell group now manages a total of $6.4bn of business (investment and funds). Banco Sabadell acquired a total $1,675m in deposits and $875m dollars in loans (60% of the loan book) after selecting the assets to be included in the MUNB deal. MUNB has 15 branches in Miami-Dade, Broward and Palm Beach counties.
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.
Fernando Perez-Hickman, managing director of Banco Sabadell America, said: “The successful completion of the Mellon United National Bank transaction represents a major step in the growth of our US operations. We are very pleased with this transaction and especially the quality of professionals that make up MUNB, and its excellent relationship with their customers.”
