CertusBank entered into a definitive agreement to sell its small business finance unit to Miami Lakes, Fla.-based bank holding company BankUnited Inc. The sale agreement follows the Greenville-based bank’s sale of its wealth management unit in December and a letter of intent to buy its mortgage unit.
All current CertusBank employees with the unit – nearly 40 – will be offered employment with BankUnited, said CertusBank Vice President of Corporate Communications Emily Ledbetter in an email.
BankUnited will acquire the unit’s $203 million loan portfolio as well as all of its operating assets and certain operating liabilities. The purchase price will be $20 million premium to the tangible net asset value of the acquired assets and the assumed liabilities, according to a news release.
“This transaction will significantly improve CertusBank’s liquidity and capital positions and allow us to focus our attention on returning to a more traditional community banking structure,” CertusBank Chairman, President and CEO John S. Poelker said in a news release. “The Small Business Finance Unit has consistently been a strong performer for our organization and I’m confident our SBF teammates will continue to excel as they make the transition to BankUnited.”
The bank did not disclose the number of CertusBank employees who would be transitioning as a part of the sale. The sale is pending CertusBank shareholder approval, and is expected to be complete in the second quarter of 2015.
The small business finance unit originates, sells and services small business loans pursuant to the U.S. Small Business Administration’s 7(a) loan program and CDC/504 loan program, as well as to the U.S. Department of Agriculture’s Business & Industry and Community Facilities loan programs.
CertusBank was named South Carolina’s 7(a) SBA lender of the year by dollar volume in May 2014 for originating $21.9 million in the state and $121.8 million nationwide for the fiscal year ended Sept. 30, 2013.
CertusHoldings Inc. is the parent company of Greenville-based CertusBank, which operates 30 branches in the Carolinas, Florida and Georgia.
BankUnited is a $19.2 billion asset holding company of BankUnited NA, which operates 100 branches in 15 Florida counties and six banking centers in the New York metropolitan area.
