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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.
Lydian opened in 2002, and focused on private banking and wealth management during its nine years in business.
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