MIAMI--(BUSINESS WIRE)--Pacific National Bank (PNB) reported today it completed the sale of 100% of the Bank’s shares to four private investors, Stephen H. Deckoff, Leslie A. Meier, Mounir Nahas, and Michael P. Moreno. The purchase price was not disclosed.
Under new ownership, PNB will continue to serve its loyal customers, as well as expand its community bank model, through lending and deposit gathering activities. Messrs. Deckoff, Meier and Nahas join local banking veterans and current PNB Board Members Clemencia de Tobon, Peter Phillips and Carlos R. Fernandez-Guzman on PNB’s Board.
“We are excited to invest in PNB as it begins a new chapter in its history,” said Mr. Deckoff. “Florida is one of the country’s most attractive banking markets and PNB is well positioned to capitalize on the market’s lending and deposit opportunities.”
“PNB’s strong capital ratios allow it to play a pivotal role in lending to South Florida’s business community,” added Carlos R. Fernandez-Guzman, President and C.E.O. “We look to add to our seasoned team of lenders, as well as expand our product and service offerings.”
The Bank reported Net Income of $376,000 for the three months ended September 30, 2014. For the nine months ended September 30, 2014, Net Income totaled $796,602 compared to a Net Loss of $1,184,000 for same period in 2013.
Performing loans grew by $11 million to $165 million as of September 30, 2014, an increase of 7.1 percent from $154 million on September 30, 2013.
The Bank’s third quarter net income of $376,000 was primarily due to core operating earnings of $337,000, a reduction of the allowance for loan loss of $68,000, and net gains on sale of securities of $35,000.
Tier 1 capital at September 30, 2014 was 11.55 percent, while total risk-based capital was 20.74 percent.
Pacific National Bank, headquartered at 1390 Brickell Avenue was established as a national bank in 1985 and had $353 million in assets on September 30, 2014.