A groundbreaking deal in Florida has just been signed.
Pending regulatory approval, the Seminole Tribe of Florida, based in Hollywood, will become the first Native American tribe to own and operate a bank in the state. There are currently 19 banks in the country owned by Native American groups, but none are located in the southeast.
On September 30, the tribe announced it would acquire Mackinac Savings Bank of Boynton Beach, with an anticipated closing in the first quarter of 2015.
Gunster’s banking and financial services attorneys represented Mackinac in negotiating the deal.
Founded in 1994, Mackinac has branches in Boynton Beach, Delray Beach and West Palm Beach along with lending offices in Massachusetts and Michigan. As of June 30, 2014, Mackinac had $111 million in assets, $102 million in deposits, and $50 million in loans.
Mackinac is rated “excellent” by Bauer Financial, as reported in the Sun Sentinel article on the deal. The well-capitalized bank will be a boon for the tribe and its plans to expand the bank in Florida, the article states.
The acquisition has been approved by the boards of directors of Mackinac and the tribe. Approval by bank regulators will be required prior to completing the transaction.
Read related news stories about the deal:
- Seminole Tribe to buy Mackinac Savings Bank (Sun Sentinel, 9/30/14)
- Seminole Tribe in deal to acquire South Florida bank (South Florida Business Journal, 9/30/14)
More about Gunster’s banking practice
Gunster, one of Florida’s oldest and largest full-service business law firms, boasts an international reputation for quality, professionalism and excellence in financial institutions and banking law.
The firm’s success stems from the ongoing representation of some of the world’s leading financial institutions on the most interesting and complex challenges.
Gunster’s banking and financial services practice is composed of multilingual, culturally diverse attorneys, and is committed to being at the forefront of legal issues affecting the financial industry.
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For more information, please contact practice leader Greg Bader or any banking and financial services team member. |
| Established Florida firm noted for its wide-ranging regulatory expertise, which covers corporate governance and matters governed by the Office of Foreign Assets Control, BSA/AML and the USA Patriot Act. Acts for a diverse client base of broker-dealers, bank holding companies, and an array of national and international banks. – Chambers USA (2014) |
See what else Chambers USA had to say about Gunster’s legal teams. Chambers & Partners is a UK-based organization that identifies and ranks lawyers and law firms based on in-depth, objective research.
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This publication is for general information only. It is not legal advice, and legal counsel should be contacted before any action is taken that might be influenced by this publication. Gunster, Florida’s law firm for business, provides full-service legal counsel to leading organizations and individuals from its 11 offices statewide. Established in 1925, the firm has expanded, diversified and evolved, but always with a singular focus: Florida and its clients’ stake in it. A magnet for business-savvy attorneys who embrace collaboration for the greatest advantage of clients, Gunster’s growth has not been at the expense of personalized service but because of it. The firm serves clients from its offices in Fort Lauderdale, Jacksonville, Miami, Orlando, Palm Beach, Stuart, Tallahassee, Tampa, The Florida Keys, Vero Beach and its headquarters in West Palm Beach. With more than 160 attorneys and 200 committed support staff, Gunster is ranked among the National Law Journal’s list of the 350 largest law firms. More information about its practice areas, offices and insider’s view newsletters is available at www.gunster.com. |
