Lydian Private Bank fails

PALM BEACH — Lydian Private Bank was shut down by regulators on Friday, then sold to Miami-based Sabadell United Bank in an FDIC-assisted transaction.

Lydian operated three branches along Florida's Gulf Coast at the time of its closure: 701 N. Franklin St. in Tampa; 783 S. Orange Ave. in Sarasota; and 1415 Panther Lane, Suite 110, in Naples.

In acquiring Lydian, Sabadell obtained $1.6 billion in assets, along with $1.2 billion in customer deposits. Once the transaction is complete, Sabadell will manage $10.7 billion in Florida assets, with $3.4 billion of those in the form of loans, across a network of 25 branches in six Florida counties. Mario Trueba is Sabadell's president and CEO.