Spain’s
Banco Sabadell has acquired nearly all the assets and certain liabilities of
Florida-based Lydian Private Bank under the terms of an agreement with the US
Federal Deposit Insurance Corporation, media reports said.

The FDIC shut down the Palm Beach-based bank on Friday and
reached a loan-share agreement with Banco Sabadell under which the Spanish bank’s
Sabadell Unit Bank unit will take over the organisation. The FDIC will be
responsible for absorbing 80 per cent of the losses on certain loans acquired
by the Spanish bank.

Lydian Private Bank’s six offices will be open on Monday and
do so as Sabadell
United Bank branches, expanding the Spanish bank’s network to 25 branches.

“This is a strategic acquisition that will give us a broader
geographic service area, and expanded private banking services. Lydian Private
Bank’s business model fits in well with our commitment to be a trusted advisor to
professionals, commercial enterprises and high net worth individuals,” Sabadell
United chief executive Mario Trueba said.