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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