Biscayne Bank Shareholders Approve Acquisition by North Carolina Bank
South Florida Business Journal- January 2019. Shareholders of Biscayne Bancshares, a holding company for Biscayne Bank, approved the company's pending acquisition by First Citizens Bank (Nasdaq: FCNCA) , the companies announced Thursday.
The acquisition, still subject to regulatory approval, is expected to close during the second quarter of 2019.
“Today’s vote represents an affirmation that this is an outstanding opportunity for our customers, our company and shareholders. We’re very excited about moving forward and joining with an excellent company like First Citizens," Biscayne Bank CEO Lorie Yarchin said in a statement.
Biscayne Bank branches will continue to operate under that name as a division of First Citizens Bank once the deal is finalized.
In November, Raleigh-based First Citizens Bank said it would pay $119 million to acquire Biscayne Bancshares, based in Coconut Grove. The company provides deposit and loan services through its subsidiary, Biscayne Bank. Founded in 2005, the bank has four branches in Miami-Dade County.
The institutions signed a definitive merger agreement on Nov. 16. Under the agreement, those shareholders will be paid $25.05 for each share of common stock.
As of Sept. 30, First Citizens Bank had almost $35 billion in assets and 550 U.S. branches with more than $30 billion in deposits, according to FDIC. That includes three locations in Palm Beach County, two in Broward and one in Miami-Dade.
Biscayne Bank is the latest South Florida community bank to be acquired by a larger outsider. Synovus Financial Corp.(NYSE: SNV) completed its $2.9 billion acquisition of Weston-based FCB Financial Holdings, the parent company of Florida Community Bank on Jan. 1.
First Citizens Bank, Biscayne Bancshares, Inc. Announce Merger Agreement
RALEIGH, N.C., and COCONUT GROVE, Fla. — First-Citizens Bank & Trust Company (known as First Citizens Bank) and Biscayne Bancshares, Inc. (“Biscayne Bancshares”) announced today the signing of a definitive merger agreement. Biscayne Bancshares provides deposit and loan services through its subsidiary, Biscayne Bank.
The agreement provides for the acquisition of Coconut Grove, Fla.-based Biscayne Bancshares by First Citizens Bank, which is headquartered in Raleigh, N.C. The announcement was made jointly by Frank B. Holding Jr., chairman and chief executive officer of First Citizens Bank, and Lorie Yarchin, chief executive officer of Biscayne Bancshares.
The agreement has been approved by the boards of directors of both companies. The transaction is anticipated to close during the first or second quarter of 2019, subject to the receipt of regulatory approvals, the approval of Biscayne Bancshares' shareholders, and the satisfaction of other customary closing conditions. Under the terms of the agreement, cash consideration of $25.05 per share will be paid to the shareholders of Biscayne Bancshares for each share of its common stock.
As of Sept. 30, 2018, Biscayne Bancshares reported $990 million in consolidated assets, $746 million in deposits and $834 million in loans.
Biscayne Bank opened in 2005 and is a state-chartered, full-service commercial bank with four offices, two in Coconut Grove, one in Doral and one in South Miami.
Customers should bank as they normally do at their existing branches, which will become part of First Citizens upon the completion of the merger.
Frank B. Holding Jr., chairman and chief executive officer of First Citizens, said: “First Citizens has served individuals and businesses in Florida for 20 years, and this agreement will complement our growing presence in the state. Joining together with a bank like Biscayne — that also has a deep commitment to service excellence —will also allow us to enhance our banking efforts and create value for shareholders and customers alike.”
Lorie Yarchin, chief executive officer of Biscayne Bank, said: “We’re pleased with this opportunity to combine with First Citizens, which has a long and proud 120-year history. Like Biscayne Bank, First Citizens has a strong culture of serving its customers, employees and communities. Together we can leverage our combined market knowledge and expertise and expand upon what each company has established to be even more successful.”
First Citizens Bank operates more than 500 locations across the country with 28 branches in Florida — 15 as First Citizens Bank and 13 as HomeBanc, a division of First Citizens Bank. First Citizens Bank offices are located in southwest (Collier and Lee counties), northeast (Duval and St. Johns counties) and southeast (Martin, Palm Beach, Broward and Dade counties, including a branch in Coral Gables) Florida. Its HomeBanc division offices are located in the greater Tampa, Sarasota and Orlando areas. First Citizens completed its merger with Tampa-based HomeBanc on May 1, 2018.
Doral Chamber of Commerce Welcomes Biscayne Bank as a New Platinum Member
"On behalf of everyone at the Doral Chamber of Commerce, we extend our warmest welcome to Biscayne Bank!" says Manny Sarmiento, President & CEO of the Doral Chamber of Commerce.
Biscayne Bank is a strong and stable community bank with a big commitment to personal service. Our individual, family and business customers appreciate our convenient online, phone and in-person service, competitive rates and wide array of savings, investment and loan products designed to meet your financial needs.
Since opening our doors in 2005, Biscayne Bank has focused on building a solid base of loyal customers who recommend our unique brand of personal service to their families, friends, neighbors and business associates. Our professional banking team serves the diverse population of South Florida, including residents of Caribbean and Latin American countries who maintain investments and second homes in our region.
Today, Biscayne Bank is a growing state-chartered full-service commercial bank with offices in Coconut Grove, Bayshore, Doral and South Miami. We are supervised and insured by the Federal Deposit Insurance Corporation, providing peace of mind to our valued customers.
About the Doral Chamber of Commerce
The Doral Chamber of Commerce is a 501 (c)(6) non-profit, community professional service organization, founded in January 2008 by Manny Sarmiento and Carmen Lopez. The Chamber's focus since its founding has always been to educate its members with seminars, workshops, networking and other educational events becoming "Your Marketing Right Hand".
The Doral Chamber of Commerce was created to meet the needs of a thriving business community of small to medium sized companies in Doral and surrounding areas that needed assistance and support in growing their business. After examining their member's needs and the current economic environment, we have found that the new "e-World", Internet communities, online social relationships and education via the web are the "new" and best ways to market your business. We provide our members and the business community in general, with networking and educational opportunities in traditional learning and online environments that together enhance the operational, marketing, and business development skills needed for success in today's business world.
5 Years Running, Biscayne Bank Named Top 100 Bank
Founded in 2005 by area bankers and investors, it is one of the few locally owned and managed community banks. The Bank services its domestic and international customers from four offices, two in Coconut Grove, one in Doral and one in South Miami. Biscayne Bank is a trusted source for the banking needs of consumers, professionals, businesses and real estate investors.
Miami Bayside Foundation and Biscayne Bank Announce Loan Participation Agreement
MIAMI, FL -- August 1, 2017. Miami Bayside Foundation (MBF) and Biscayne Bank are excited to announce their expanded relationship via a Loan Participation Program.
The Program will leverage MBF’s expertise in community based loans, while providing their loan recipients access to Biscayne Bank’s breadth of business banking services.
“We are excited to be partnering with Biscayne Bank to make a difference within our community by addressing the financial needs of minority businesses in the City of Miami”, said Kathleen Murphy, Executive Director of MBF. “The Program is an additional means by which Biscayne Bank provides financial services to minority businesses. All the way around, it’s a ‘win’ for MBF, for the Bank, for the loan recipients, and for the community as a whole. We expect to grow the Program over the coming years.”
Miami Bayside Foundation (MBF) is a nonprofit organization designed to advance economic development in the City of Miami through the support of minority businesses and education. MBF seeks to do this through the creation and administration of loan programs for minority owned businesses, educational programs and scholarships for minorities and by providing technical assistance to small businesses in the City of Miami. For more information, please visit www.miamibaysidefoundation.org
About Biscayne Bank:
Biscayne Bank is a state-chartered, full-service commercial bank that has been serving South Florida since 2005. The Bank is committed to its reinvestment in the community. With offices in Coconut Grove, Doral and South Miami, Biscayne Bank delivers highly personalized services to individuals, families and businesses in the region. For more information, visit www.biscaynebank.com.
Biscayne Bank Reports 2015 Net Income of $7.6 Million Up 45% from 2015
Coconut Grove, FL – February 2, 2016. Biscayne Bank reported net income of $7.6 million in 2015, up 45% from net income of $5.3 million the previous year. Income growth was fueled by a substantial improvement in net interest income, from $16.1 million in 2014 to $21.1 million in 2015. The increase in net interest income was driven, in turn, by $104 million of net loan growth in 2015. The Bank ended the year with total loans of $544 million and total assets of $651 million. Overall, the Bank’s return on equity improved from 15.3% in 2014 to 16.6% in 2015.
Lorie Yarchin, the Bank’s Chief Executive Officer, said: “We have become part of the foundation of this community over the past 10 plus years. Like the rest of South Florida, we came roaring back following the recession and each of the past 5 years has been an improvement over the previous one. We like what we see for our area in 2016, notwithstanding the strong dollar and volatile world markets.”
Biscayne Bank has been cited as one of the top performing banks in the country in recent years. Founded in 2005 by area bankers and investors, it is one of the few locally owned and managed community banks. The Bank services over 1,300 loans and 7,200 accounts from four branches, two in Coconut Grove, one in Doral and one in South Miami. The Bank is a trusted source for the banking needs of consumers, professionals, businesses and real estate investors.
Biscayne Bank Releases Second-Quarter Earnings
August 2015- Biscayne Bank released its second-quarter earnings results Tuesday, reporting net income up 32 percent year-over-year.
The Coconut Grove-based bank had net income of $1.82 million for the quarter that ended June 30, up from $1.7 million for the first quarter of 2015 and $1.4 million for the second quarter of 2014.
Earnings were driven largely by loans, which reached $498 million during the second quarter, according to the bank.
“Over the last few years, healthy dynamism has returned to the South Florida real estate market,” Ana Dominguez, the bank’s chief lending officer, said in a statement. “Yes, some high-end condominium projects have cooled off a bit of late, but we see a relatively benign market over the medium term.”
Biscayne also reported assets of $589 million, up 48 percent over the second quarter of 2014. The bank operates four branches in Miami-Dade County and has a five-star rating from Bauer Financial.
SNL Financial: Miami's Biscayne Bank Tops National Community Banks
March 2015- South Florida Business Journal- Coconut Grove-based Biscayne Bank came in second among U.S. banks with $500 million to $5 billion in assets in 2014, according to rankings released Monday by Virginia-based SNL Financial.
Biscayne Bank followed Dallas-based State Bank of Texas, which made the list for the first time. Coming third was Saint Martinville, La.-based St. Martin Bank and Trust.
“It was a very good year by any standards. We have a really good management team and we paid close attention to customer service and the numbers. That’s been the case throughout our history,” said Thomas Lumpkin, chairman of the bank.
The Coconut Grove financial institution had $505.5 million in total assets as of Dec. 31, making it the 18th-largest South Florida-based banks in terms of assets at that time. The bank grew its assets by nearly $168 million in 2014, according to Federal Deposit Insurance Corp. data. Biscayne Bank experienced significant loan growth in 2014, increasing net loans and leases by over $139 million to $435.4 million as of Dec. 31.
SNL released its rankings of the top 100 banks in two categories – community banks with assets between $500 million and $5 billion and less than 60 offices and banks with assets less than $500 million.
To make the financial information firm’s list, a third of the bank’s balance sheet must be composed of loans and less than half of the loans can be from credit card lending. Lastly, the bank had to have been “well-capitalized” in 2014 according to regulatory standards.
Biscayne Bank placed 48th last year in the smaller category. This year, it was the only Florida-based bank to make either list. Six metrics were used to rank the banks, including return on average tangible assets before tax, net charge-off ratios, adjusted Texas ratio, efficiency ratio, net interest margin and loan growth. “What we can hope for and what we can try to achieve is to maintain good performance,” Lumpkin said. “Whether it’s two or 48th or 100th place or anywhere in between, it’s a matter of hard work and good fortune.”
Biscayne Bank Grows Loans by $54M, Opens Fourth Branch
February 2015- South Florida Business Journal- Coconut Grove-based Biscayne Bank grew loans by $54 million in the fourth quarter of 2014 to $435.4 million, up from $381.5 million in the third quarter and $296.4 million in the fourth quarter of 2013. That's reflects a 15 percent increase in loans over the fourth quarter and 47 percent increase year over year.
"We had not planned for this level of growth in 2014, but we had raised additional capital in 2013 and were fortunate to be able to accommodate most of the high-quality loan requests that came in the door," Lorie Yarchin, the bank's CEO, said in a news release.
The bank announced the opening of its second branch in Coconut Grove at 2601 S. Bayshore Dr. Tuesday, bringing its total number of branches up to four. The bank's fourth quarter results:
- Net interest income:$16.07 million for 2014, up from $11.83 million in 2013. The bank had a fourth quarter net interest income of $4.60 million, up fro $3.97 million in the third quarter and $3.2 million in the fourth quarter of 2013.
- Net income:$5.25 million for 2014, up from $4.01 million in 2013. The bank earned $1.47 million in the fourth quarter, up from a $1.32 million profit in the third quarter and a $1.15 million profit in the fourth quarter of 2014.
- Total assets:$505.54 million in the fourth quarter, up from $445.90 million in the third quarter
- Deposits:$403.90 million in the fourth quarter, up from $375.38 million in the third quarter
- Repossessed property:$533,000 in the fourth quarter, down from $983,000 in the third quarter
- Noncurrent loans:$527,000 in the fourth quarter, up from $0 in the third quarter
- Noncurrent loan ratio: 0.12 percent in the fourth quarter, up from 0.00 percent in the third quarter
- Tier 1 risk-based capital ratio: 11.41 percent in the fourth quarter, down from 11.6 percent in the third quarter
- Total risk-based capital ratio: 12.66 percent in the fourth quarter, down from 12.92 percent in the third quarter
"Our feeling is that 2015 growth will [be] moderate because of the effect of the stronger dollar on foreign real estate investment in South Florida, but we are expecting another good year nonetheless," Yarchin said.
Biscayne Bank was ranked 22nd among South Florida-based banks in terms of assets as of Sept. 30.
Biscayne Bank Names Philip J. Shechter to Board of Directors
Philip J. Shechter, CPA/ABV, CVA, litigation support national partner at Cherry Bekaert has been named to the Board of Directors of Biscayne Bank, a dynamic South Florida community bank. He now serves on the bank's Audit and Asset-Liability (ALCO) Committees.
Recognized nationally as an accounting expert witness, Shechter has more than 30 years of experience in audit, tax consulting, business valuation services, commercial litigation and marital dispute resolution cases. He has been qualified as a forensic accountant and business valuation expert more than 500 times in state and federal courts.
Biscayne Bank is a state-chartered full-service commercial bank that has been serving South Florida since 2005. The bank's mission is simple: "To be your partner in financial success. "With offices in Coconut Grove, Doral and South Miami, Biscayne Bank delivers highly personalized services to individuals, families and businesses in the region, and to international customers with interests in South Florida. For more information, visit www.biscaynebank.com.
Biscayne Bank Now Offers Remote Deposits for Business Checking Accounts
Biscayne Bank now offers remote deposit electronic check processing for business customers.
"This convenient service is another example of our banking team's commitment to the South Florida business community," said Ana L. Dominguez, EVP and Chief Lending Officer of the dynamic Miami bank, whose headquarters is in Coconut Grove with offices in Doral and South Miami.
Biscayne Bank's remote deposit service allows business customers to process multiple checks in their offices, and scan those images using a device provided by the bank. Simply click the "deposit" button and those digital images are uploaded to the bank's secure website. An email confirmation is sent within a few minutes.
The benefits of Biscayne Bank's remote deposit system include:
- Saving time. Customers no longer have to drive to the bank to deposit a check.
- An extended deposit window. Deposits can be made beyond traditional banking hours and on weekends.
- Faster access to funds. Deposits are made available as quickly as possible, in accordance with checking account requirements.
- Easy access to images. Digital check images are automatically stored and available whenever needed.
- Streamlined operations. Business customers can consolidate their regional, national or international deposits to a single account, reducing deposit collection costs.
Biscayne Bank is a state-chartered full-service commercial bank that has been serving South Florida since 2005. The bank's mission is simple: "To be your partner in financial success." With offices in Coconut Grove, Doral and South Miami, Biscayne Bank delivers highly personalized services to individuals, families and businesses in the region, and to international customers with interests in South Florida. For more information, visit www.biscaynebank.com.
Biscayne Bank Awarded Five Star 'Superior' Rating by BauerFinancial
MIAMI – June 15, 2013 – Biscayne Bank has received a five-star "superior" rating from BauerFinancial – a clear indicator of the bank's financial strength and stability.
Coral Gables-based BauerFinancial is an independent company that has been reporting on and analyzing the performance of U.S. banks and credit unions since 1983. Its ratings are based on profitability, capital, level of delinquent loans, charge-offs, repossessed assets and liquidity. The most recent report was based on the bank's March 31 financial results.
Unlike other rating agencies, BauerFinancial uses the same strict barometer to rate all institutions and makes those ratings available for free on its web site. Over the 25 years, BaerFinancial's impartiality, along with an excellent track record, has earned the respect of regulators, bankers and consumers across the country.
Biscayne Bank is a state-chartered full-service commercial bank that has been serving South Florida since 2005. The Bank's mission is simple: "To be your partner in financial success. "With offices in Coconut Grove, Doral and South Miami, Biscayne Bank delivers highly personalized services to individuals, families and businesses in the region, and to international customers with interests in South Florida. For more information, visit www.biscaynebank.com.