International Finance Bank (IFB) has acquired the international portfolio of
New York-based Modern Bank, N.A. Along with the acquisition, IFB also has a new
banking location at 623 Fifth Ave, 15th Floor, New York, NY, 10022. The $152
million acquisition - which includes the personnel from Modern Bank’s international
banking department - expands IFB’s trading area and signature community
involvement initiatives beyond South Florida. With approximately $700
million in Total Assets after the acquisition, International Finance Bank will now offer a full range of
depository and lending products, domestic and international, in New York.
“We’re
very excited to announce the closing of the Modern Bank transaction, as it is
well-aligned with International Finance Bank’s mid to long-term goals and in
line with our on-going growth strategy,” said IFB Bank President and Chief
Executive Officer Jose Cueto. “While this is inherently a transaction that’s
accretive in nature, we’re very pleased with the top-notch team we’ve acquired
and the related expansion into the New York market.”
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About
International Finance Bank
International
Finance Bank is a community banking institution headquartered in Miami,
Florida. Founded in 1982 by a group of local business professionals,
International Finance Bank is now a part of Grupo IF, a privately held
enterprise with additional banking interests throughout Latin America. The Bank
provides a wide range of financial services to consumers and businesses both
domestically and internationally with special expertise in Commercial and Real
Estate Lending. International Finance Bank is firmly committed to serving and
supporting South Florida and New York.