Bank Leumi USA acquired all the insured deposits of the former Net 1st National Bank, Boca Raton, Florida. Israel Discount Bank of New York also opened a Miami branch, by buying the deposits of a local bank.
Bank Leumi subsidiary, Bank Leumi USA, has opened its first branch in Florida, after acquiring all $23 million insured deposits of the former Net 1st National Bank, Boca Raton. The deposits are FDIC insured.
Bank Leumi USA president Zalman Segal said the acquisition is part of the bank's work plan to expand operations. The Florida branch will be added to the bank's existing branches in New York, Chicago, Beverly Hills, Encino and San Jose.
Two months ago, Israel Discount Bank of New York, of the Israel Discount Bank group, carried out a similar acquisition, opening a branch in Miami.
Bank Leumi USA's 2001 net profit was $35.6 million, and its return on capital was 11.7%.
Published by Israel's Business Arena on 3 March 2002