Bank Leumi USA announced on Tuesday that it had opened a second branch in Florida, after buying an agency office in Miami operated by its parent company Bank Leumi le-Israel.
Under the transaction, Bank Leumi USA acquired the Miami agency's assets of $220 million and assumed assets under management of $170 million. The agency office was reopened on July 1 as a Bank Leumi USA branch.
Bank Leumi says customers of the new Bank Leumi USA branch will now enjoy benefits that were not previously available to them due to the former agency's offshore status. The Federal Deposit Insurance Corporation (FDIC) will now insure deposit accounts up to allowable insurance limits. Customers will also have access to all products and services offered by Bank Leumi USA. This includes access to the bank’s global private banking products and the ability to conduct business at any of its other branches, located in Boca Raton, New York, Chicago and California.
Bank Leumi said the acquisition was part of a Leumi Group reorganization in the US. Akiva Segal, senior vice president and manager of the Miami agency, will become the manager for all South Florida Bank Leumi branches. Reporting to Akiva Segal will be Avi Stein, senior manager of the Bank Leumi Boca Raton branch, which the bank acquired in March.
Bank Leumi USA CEO Dr. Zalman Segal said, "Our expansion into the Miami area follows on the heels of our new branch opening in Boca Raton just three months ago and has been part of our strategic plan to expand Bank Leumi USA’s products and services in key markets such as Florida. We look forward to welcoming both the clients and employees of our parent's Miami Agency into the Bank Leumi USA family."
Published by Globes [online] - www.globes.co.il - on 3 July, 2002