The deal secured approval two years after the banks reached an agreement in May 2013.
Banco de Credito e Inversiones, a subsidiary of Empresas Juan Yarur, is a Chilean bank specializing in savings & deposits, securities brokerage, asset management and insurance.
City National Bank of Florida is a banking unit of Spain-based financial conglomerate Bankia.
Said to be the 18th largest insured depository institution in Florida, City National Bank controls close to $4.3bn in deposits, which represent less than one percent of the total deposits of insured depository institutions in that state.
The acquisition is expected to be completed within 30 days.
Upon completion of the deal, Empresas Juan Yarur through Banco de Credito e Inversiones is said to become the 180th largest insured depository organization in the US, with consolidated assets of close to $7.5bn.
City National Bank of Florida president and CEO Jorge Gonzalez said: "This acquisition puts City National Bank in a unique and enviable position, making us a community bank with global reach backed by one of the strongest and most respected banks in Latin America.
"We will leverage this new partnership to take the client experience at City National Bank to even higher levels and provide a wider array of products and services for businesses and individuals."
Image: Banco de Credito e Inversiones is a Chilean bank specializing in savings & deposits, securities brokerage, asset management and insurance. Photo: courtesy of Xarucoponce / Wikimedia Commons.
