Commercebank also operates two branches in Broward County and one each in New York City and Houston. It is a wholly owned subsidiary of Mercantil Servicios Financieros, among the largest financial institutions in Venezuela. The Florida Savings Bank transaction "is part of our growth strategy in the US through our subsidiary," said Gustavo Marturet, Mercantil's president, in a statement. "Commercebank plays a key role in Mercantil's international business strategy, which includes trade finance and private banking in Latin America."
Citing the private nature of the institution, a spokesman declined to disclose the price of the acquisition. As of Dec. 31, 2005, Florida Savings Bank had assets of $136 million. According to J. Guillermo Villar, president and CEO of Commercebank, the firm had assets of $4.1 billion at the end of 2005. "This transaction will provide Commercebank a broader banking network, expanding its operations in three highly desirable markets in Florida," Villar said.
The acquisition is subject to regulatory approval and approval by stockholders of Florida Savings. It is expected to close during the second quarter of this year.
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