The Benacerraf Group Acquires Espírito Santo Bank Miami

MIAMI, FL ‑ (May 1, 2015) ‑ G. Frederick Reinhardt, Chairman and CEO of Miami-based Espírito Santo Bank announces that a Stock Purchase Agreement has been signed by Banco Espírito Santo, S.A. (principal shareholder), the Florida-chartered Espírito Santo Bank, and members of the Benacerraf family, Cohen family, and other investors. The transaction is subject to customary regulatory approval.

“The expertise of well established banking families is a superb catalyst for our growth and rededication to serving our customers. This is an outstanding opportunity for our customers and employees, and I am confident that we will provide exemplary service, a superior work place environment and an enhanced banking experience,” says Reinhardt.

The bank, headquartered on Brickell Avenue, will move forward under the leadership of Mr. Reinhardt as CEO, and will continue to expand its core strategy of providing wealth management, and personal/corporate banking services, residential/commercial real estate lending and trade finance services to domestic and international individuals, institutions and corporate clients.

The agreement was signed by members of the Benacerraf Group and other investors; G. Frederick Reinhardt on behalf of Espírito Santo Bank, and Luís Máximo dos Santos, Chief Executive Officer of Banco Espírito Santo, S.A. in Lisbon, Portugal, and Miguel Alcada, Member of the Board of Directors.

FIG Partners LLC, with Thomas Rudkin as lead banker, served as financial advisor to Espírito Santo Bank and Banco Espírito Santo, S.A. and rendered a fairness opinion to the shareholders. Manuel Magalhães of the Portuguese firm, Servulo & Associados, served as counsel to Banco Espírito Santo, S.A. Bryan Wells and Kimberly Prior, Partners in the Miami office of Shutts & Bowen LLP, served as legal counsel to Espírito Santo Bank and Banco Espírito Santo, S.A. Alcides Avila, Asnardo Garro, and Javier Alvarez, Partners in the office of Avila Rodriguez Hernandez Mena & Ferri LLP represented the Benacerraf and Cohen Families and other investors.