The deal is subject to regulatory approval.

Florida-based City National Bank (CNB), a subsidiary of Royal Bank of Canada, has agreed to purchase Miami-based TotalBank for $528 million from Spanish firm Banco Santander. The transaction is subject to regulatory approval.

The merger will bolster CNB’s operation within the Florida region, by creating the third-largest Florida-based bank and place CNB in the top two percent of the 5,300 banks nationally, CNB said in a statement.

TotalBank has more than $3 billion in assets under management, and has 17 banking centers in Miami-Dade, with wealth management and international banking platforms.

As of September 30, both banks would have combined assets of almost $13 billion.

"We are excited about this partnership and see an excellent future with TotalBank, a bank with which we share a long history in South Florida," CNB president and chief executive Jorge Gonzalez said. "The combined company will be a stronger, better positioned client-centric organization in the very desirable South Florida marketplace."

Headquartered in Miami, TotalBank is a full-service community bank offering personal and business banking, lending, and wealth management services.

In August, this publication reported that CNB had appointed John Randall as chief credit officer and a member of its executive committee.