- All Espirito Santo family members voluntarily stepped down from the board on August 6
Espírito Santo Bank has announced the signing of a letter of agreement with FIG Partners, an investment banking firm, to assist with the sale of the bank in Miami. “I’ve known Tom Rudkin, principle of FIG Partners, for many years,” says G. Frederick Reinhardt, Chairman & CEO Espírito Santo Bank. “I am confident that he and his team have the bank and, most importantly its clients, best interest at heart and that the process with be swift and effective,” continues Reinhardt.
Espírito Santo Bank Miami no longer has any ties to its former parent, which was taken over by the Bank of Portugal. All future events, whether financial or governmental, involving the institution in Portugal will have no further impact upon ESB Miami and its operations.
“Simply put, we have severed all ties to our former parent, and Espírito Santo Bank Miami is now completely independent, with its own board. Further, all Espirito Santo family members voluntarily stepped down from our board on August 6, 2014,” says Reinhardt. “Our clients will no longer experience an impact upon ESB Miami from BES, and will in fact see continued growth in the coming months as we seek a new owner,” continues Reinhardt.
Since 2012, FIG Partners has completed over 30 Merger & Acquisition (“M&A”) transactions and is ranked third in the country. In addition, year-to-date 2014, FIG Partners is ranked 4thin the country in the number of M&A transactions via its offices in Chicago, Los Angeles, San Francisco and its headquarters in Atlanta.
“Espírito Santo Bank presents an excellent opportunity. The bank has a strong franchise value and is profitable, and I look forward to working with Fred Reinhardt and his executives during a successful search and identification of highly qualified buyers, in a reasonable time frame,” says Thomas G. Rudkin, principle, FIG Partners.
Mr. Rudkin has more than 30 years of experience in the community banking arena in Florida, the northeast, and the Midwest of the United States. He is responsible for originating and closing more than $400 million in transaction value in the state of Florida.
Florida Chartered since 1973, Espírito Santo Bank provides wealth management and personal/corporate banking services, residential/commercial real estate lending and trade finance services to domestic and international individuals, institutions, and corporate clients. A team of multi-lingual and multi-cultural Financial Advisors and Product Specialists - experienced in the United States and international markets - customize strategies for clients.