WEST PALM BEACH, FL (www.hedgeco.net) – York Capital Management Hedge Fund is seeking a 25 percent stake in PanAmerican Bancorp, according to Banking and Finance reports. The fund is seeking approvalfrom industry regulators to purchase a 25 percent stake in PanAmerican Bancorp. William Vrotter, a managing director at the fund told Banking and Finance news correspondent, that his fund is notseeking changes in the management of the bank.
York Capital manages about $6 billion in total investor assets. According to Vrotter, the fund is seeking a seat on the Board on Directors, and wants to have their representatives attend the Board of Director’s meetings according to him. York Management hopes to invest $12.6 million which may form the largest block of any of the investors in the bank.
Michael Golden, CEO of PanAmerican Bancorp and chairman of its PanAmerican Bank subsidiary told a Banking and Finance reporter that the bank will use the new investment from York Capital Management to keep growing as a bank that is known for business lending in South Florida. He added, �That such a strategy does not mean that someone might not come along in four or five years with an offer at a multiple our board would have to consider.”
PanAmerican Bank has about seven branches according to published reports, with about $247 million in assets. York Capital Management has agreed to buy about 3.15 million units, for a total of $12.6 million. The asset manager must get an approval from the Federal Reserve Bank which regulates PanAmerican Bancorp, as well as from the Florida Division of Banking.
Paul Oranika
Contributing Writer
HedgeCo.Net
Email: paul@hedgeco.net
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