Gibraltar Private Announces Termination of OCC Consent Order

CORAL GABLES, Fla.--()--Gibraltar Private today reported that the Office of the Comptroller of the Currency (“OCC”) has lifted its Consent Order (the “Order”) that was issued in 2014.

Adolfo Henriques and Angel Medina, both veteran South Florida bankers, joined Gibraltar Private to lead the development of corrective actions to address the regulatory-mandated requirements while optimizing profitability.

“This achievement is the result of our team’s tireless efforts to build a strong risk management organization, create a culture of compliance and strengthen the balance sheet,” stated Adolfo Henriques, Chairman of the Board for Gibraltar Private. “As a well-capitalized bank with a solid balance sheet and core operation, we are poised for responsible and sustainable growth.”

“The termination of the Order reflects the successful collaboration between the OCC, our Board of Directors and management team. Gibraltar Private has emerged with industry best practices to manage liquidity, risk and compliance,” added Henriques. “Our move forward plan is to leverage these capabilities with the strength of the balance sheet and drive responsible and sustainable growth to deliver positive earnings and value for our shareholders.”

“I thank our clients for their trust and loyalty while we worked diligently to comply with all conditions of the Order,” said Angel Medina, who has served as President of Gibraltar Private since 2013 and was named CEO in 2016. “A cornerstone to our historical success has been and will remain an unyielding commitment to invest in each client, establish enduring relationships, and serve as trusted advisor.”

When asked about the future direction of the Bank, Medina commented, “We will continue to improve operating efficiencies through full utilization of technology, and we will continue our focus on enhancing the wealth and well-being of our clients and their families. Our solid financial foundation and strong balance sheet, combined with a flawless execution of our proven business model will drive responsible growth and improved profitability.”

Financial results at December 31, 2016 marked the third full year of positive earnings for Gibraltar Private. The momentum continued as the Bank reported net income of $1.1 million for the first three months of 2017.

Financial Highlights      
As of March 31, 2017 (in thousands)
3/31/17   3/31/16   Change
Balance Sheet (Unaudited)            
Total Assets $1,620,680 $1,645,984 ($25,304)
Total Loans 1,426,340 1,444,516 (18,176)
Total Deposits   1,053,760   1,147,484   (93,724)
 
Statement of Income (Unaudited)            
Net Interest Income $12,801 $12,583 $218
Net Recoveries (Charge-Offs) (21) 116 (137)
Provision for Loan Losses - - -
Net Income (loss)   1,140   (990)   2,130
 
Capital Ratios            
Tier 1 Leverage Ratio 8.84% 8.46% 0.38%
Tier 1 Capital Ratio 11.80% 11.84% -0.04%
Total Capital Ratio   13.06%   13.10%   -0.04%

About Gibraltar Private Bank & Trust

Gibraltar Private is an integrated private banking and wealth advisory company dedicated, since 1994, to enhancing the wealth and well-being of its clients and their families. Gibraltar Private offers residential and commercial lending, private banking and wealth management services to professionals and professional service firms, corporate executives, families, entrepreneurs and their businesses. Gibraltar Private has eight full-service offices with its headquarters in Coral Gables, offices in Fort Lauderdale, Miami, Miami Beach, South Miami, Naples, Ocean Reef and New York. For more information on Gibraltar Private visit www.gibraltarprivate.com.

Contacts

The Conroy Martinez Group
Maritza Arceo- Lopez / Jorge Martinez, 305-445-7550
maritza@conroymartinez.com

Contacts

The Conroy Martinez Group
Maritza Arceo- Lopez / Jorge Martinez, 305-445-7550
maritza@conroymartinez.com