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First American Bank and Bank of Coral Gables to merge

Staff writer ▼ | May 8, 2014
First American Bank has announced a merger with the Bank of Coral Gables, a community-based bank located in Coral Gables, Fl.
Bank of Coral Gables
Bank of Coral GablesFirst American Bank has announced a merger with the Bank of Coral Gables, a community-based bank located in Coral Gables, Fl.


First American Bank, headquartered in Elk Grove Village, Ill., has 49 branches throughout the Chicago metropolitan area and assets of $3.4 billion.

"We are proud to add the Bank of Coral Gables to our banking family. Their founders and capable staff bring a wealth of local knowledge and insight to our expanding Florida market," said Thomas E. Wells IV, chairman of the board of First American Bank.

William H. Kerdyk, Jr., chairman of the Bank of Coral Gables, along with founding bank director Michael Kashtan, will join the board of directors of First American Bank. The current board of directors will serve on a local Miami Advisory Board. Dan Eggland, president and CEO of the Bank of Coral Gables, will continue in a leadership position as branch president developing and serving major relationships.

"In First American Bank, we are pleased to have found a partner with similar philosophies, many future synergies and growth opportunities as well as an outstanding reputation for customer service and extensive banking knowledge," said Mr. Kerdyk.

The transaction is subject to the approval of the Bank of Coral Gables’ stockholders, the receipt of regulatory approvals and other conditions. Closing is anticipated in the third quarter of 2014.

First American Bank is a privately held bank with 49 branches throughout the Chicago metropolitan market. First American Bank also offers extensive wealth management services with $1.8 billion under management. The bank places a high priority on building long-term relationships with consumer and middle market commercial clients by offering superior deposit, lending, trade finance and investment solutions.

Established in 2006, Bank of Coral Gables is a full service locally-owned community bank offering a variety of personal and business banking services. Located at 2295 Galiano Street in Coral Gables, the bank provides a full range of financial services for professionals and businesses in the Miami-Dade County market. At March 31, 2014 the bank had total assets of $103 million.


 

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