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Press Release

December 4, 2013

Sabadell Agrees to Acquire JGB Bank

 

• The transaction will significantly strengthen Sabadell United Bank's ability to serve clients in the local South Florida market.

• Sabadell United Bank will have a leading presence in Florida with 31 locations and $8 billion in business volume

 

MIAMI - December 4th, 2013 -Sabadell reported it has reached an agreement to acquire JGB Bank of Miami through its local domestic bank, Sabadell United Bank. This transaction is strategic in that it effectively consolidates a bank controlled by Jaime Gilinski, JGB Bank, with Sabadell United Bank, a subsidiary of Banco Sabadell which is a global banking institution where Mr. Gilinski is the largest shareholder. The purchase also fits with Sabadell United Bank's strategy of expanding its footprint and developing a bank that provides high-quality banking services to professionals and businesses throughout Florida.

 

JGB Bank was founded in 1957 and is the second oldest banking institution in South Florida. In 1998, it was acquired by Jaime Gilinski. JGB Bank currently has $530 million in assets, employs 71 people, and operates eight financial centers in the locations of Aventura, Miami, Miami Beach, Doral, Coral Gables, Surfside and Medley.

"The acquisition of JGB Bank builds upon our long-term objective to provide first-rate service to our clients by further establishing our presence in Florida," said Mario Trueba, President and CEO of Sabadell United Bank. "We look forward to welcoming the clients and employees of JGB and to ensuring they have a smooth transition."

Upon close of the transaction, Sabadell United Bank will have a leading presence in Florida with 31 locations, over 40,000 clients and $8 billion in business volume. The bank will continue to be recognized as the trusted financial advisor for professionals and businesses as well as high-net-worth individuals.

The transaction, involving the merger of JGB Bank into Sabadell United Bank, is expected to close in the first half of 2014, subject to the receipt of regulatory approvals and satisfaction of other customary closing conditions

Sabadell United Bank was advised on the JGB Bank transaction by Keefe, Bruyette & Woods, with legal representation by Hunton & Williams, LLP.

 


 

March 1, 2013

JGB Bank names Bell CEO, puts focus on home loans

South Florida Business Journal by Brian Bandell, Senior Reporter

Date: Friday, March 1, 2013, 6:49am EST

JGB Bank promoted Carlos Bell to president and CEO, replacing Abel Iglesias.

Bell has been with the Doral-based bank since 1995, most recently as CFO and COO. Iglesias served as CEO since May 2010 after joining it the year before.

The bank is looking for a new CFO, Bell said.

JGB Bank will place more emphasis on residential lending and plans to hire three people in that field, Bell added. Iglesias’ specialty was commercial lending. Bell said the bank will continue its commercial business, but it feels that home lending carries the least risk now.

“We see indications of price stability in that sector and significant demand by credit worthy borrowers,” Bell said.

The home loan programs it will emphasize are jumbo mortgages and conventional mortgages, he added.

Meanwhile, Bell said he’s looking for a branch location along U.S. 1 in the South Miami and Pinecrest area. It would be the bank's eighth branch.

“Although it has been a challenging time for banks in general, our strategy is sound and we will come out of this as a well-recognized bank in this community with a strong brand and identity,” Bell said.The bank earned $4.2 million in 2012, up from earnings of $1.3 million in 2011. It finished the year with $451 million in assets and $351 million in deposits, with annual growth of 18 percent and 25 percent, respectively. However, its loan portfolio declined slightly to $206 million.

JGB Bank had a noncurrent loan ratio of 4.11 percent on Dec. 31 and had healthy capital levels.

JGB Bank is owned by Colombian banker and real estate developer Jaime Gilinski.

http://www.bizjournals.com/southflorida/blog/morning-edition/2013/03/jgb-bank-names-bell-ceo-puts-focus-on.html


 

October 31, 2012

JGB Bank income surges 480%, loans up $11M

South Florida Business Journal by Brian Bandell, Senior Reporter

Date: Wednesday, October 31, 2012, 8:19am EDT
 
JGB Bank enjoyed a 480 percent surge in its earnings in the third quarter, mostly thanks to a tax benefit, as the bank continued its growth.
The Doral-based bank had net income of $2.9 million in the third quarter, up from net income of $501,000 in the second quarter. The main difference was a one-time gain of $2.8 million on its income taxes.
JGB Bank’s net interest income declined slightly to $3 million in the third quarter. After taking a $200,000 expense to reserve for future loan losses in the second quarter, it took no such expense in the third quarter.
The bank’s loan portfolio grew by $11.2 million during the third quarter to reach $202.1 million. Its loans are divided mostly between commercial real estate, commercial lines of credit and home mortgages.
JGB Bank reported $5.9 million in noncurrent loans, or 2.84 percent of total loans, on Sept. 30, which is up slightly from the previous quarter. Yet, it reduced its holdings of repossessed property to $318,000, from $3.3 million on June 30.
The bank held $4.1 million to reserve for future loan losses on Sept. 30 to cover 69 percent of its noncurrent loans.
JGB Bank was the 23rd-largest bank chartered in South Florida with assets of $448 million as of June 30. By Sept. 30, its assets rose to $499 million. Its deposits grew from $342 million to $393 million over that time.
JGB Bank is owned by Colombian banker Jaime Gilinski.

http://www.bizjournals.com/southflorida/news/2012/10/31/jgb-bank-income-surges-480-loans-up.html


 

March 2, 2009

EAGLE NATIONAL BANK BECOMES JGB BANK

Second oldest bank in South Florida presents new name and brand image

Miami, Florida – March 2, 2009 – Eagle National Bank, which has been serving the South Florida community since 1957, announced today that it will change its name to JGB Bank (www.JGBBank.com), effective March 1st, 2009. Acquired in 1994 by Jaime Gilinski Bacal, a well-known and respected banker, the bank’s new name reflects Mr. Gilinski Bacal’s initials, JGB.

“The name change represents Mr. Gilinski’s single-minded dedication and commitment to the success of the bank. Our new slogan ‘Grow With Us’ reflects our longstanding commitment to a prudent business approach that has helped many of our clients expand their businesses,” said Robert L. Brookes, President and CEO of the newly named JGB Bank. The new logo, a flourishing tree, represents the financial strength and stability of the institution. The name change will not involve changes in ownership, management structure, workforce or operations. “We are working hard to make this change as seamless as possible to our customers. All banking information will remain the same including account, credit/debit cards and pin numbers,” added Brookes.

As part of JGB Bank’s expansion strategy, the bank will plan to open additional branches, including a new location in Miami Beach. By adding the Miami Beach branch, JGB Bank now serves clients from five financial centers in South Florida. “Throughout our history, we have focused on providing innovative banking services and tailor-made financial solutions for our clients. We are honored by the trust that customers and businesses in South Florida have placed in us. Our dedicated professionals will continue working for South Florida’s families, businesses and communities,” concluded Brookes.

JGB Bank has $310 million in assets and provides a wide range of financial services. It has four financial centers in the locations of Aventura, Miami, Doral and Medley and will open a fifth one in Miami Beach during the third quarter.

 



About JGB Bank JGB Bank, formerly Eagle National Bank, was established in 1957 and is the second oldest banking institution in South Florida. In 1994, it was acquired by Jaime Gilinski Bacal. JGB Bank currently has $498 million in assets, employs 82 people, and operates seven financial centers in the locations of Aventura, Miami, Doral, Coral Gables, Surfside and Medley with more branches on the way as part of their expansion strategy.


Digital files/photos available at http://www.jgbbank.com/pressroom/pressroom.html.

 
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