April 17, 2014

Florida Banks

Snapshots from the Vault

The new shape of the Florida banking industry is emerging. All sectors aren't being created equal.

Mike Vogel | 10/10/2011

CONSOLIDATION
A Wave of Rebranding

Sign-makers have had business aplenty in Florida thanks to consolidation in the financial industry.

» Wells Fargo made stagecoaches a common sight in Florida for the first time since Flagler's railroad arrived as Wells Fargo rebranded 668 Wachovia Florida branches following the $15-billion acquisition of Wachovia in 2008.

» Canada's TD Bank bought Commerce Bank in 2007 for $8.5 billion and last year acquired South Financial and its Mercantile Bank for $192 million. TD also bought failed Riverside National in Fort Pierce, First Federal of North Florida in Palatka and AmericanFirst in Clermont.

» Pittsburgh-based PNC, after acquiring National City in 2008, this year bought RBC, the U.S. subsidiary of Royal Bank of Canada, for $3.45 billion and is reflagging its 83 Florida branches and 19 it bought in the Tampa market from BankAtlantic.


Tags: Banking & Finance

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