MIAMI (October 22, 2018) – Holland & Knight represented Miami-based International Finance Bank (IFB) in its $152 million acquisition of an international portfolio from New York-based Modern Bank, N.A. The deal closed on Oct. 19.
The acquisition, which includes the personnel from Modern Bank's international banking department, expands IFB's trading area and community involvement initiatives beyond South Florida. IFB has also opened a new banking location in Manhattan to service its new portfolio. With approximately $700 million in total assets after the acquisition, IFB will now offer a full range of depository and lending products, domestic and international, in New York.
Founded in 1982 by a group of business professionals, IFB is a part of Grupo IF, a privately held enterprise with additional banking interests throughout Latin America.
The Holland & Knight team representing IFB was led by Partners Andres Fernandez, Kevin Houlihan and William Levay and Associate Benjamin St. Angelo.
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