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.<\/p>\n
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.<\/p>\n
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, \u00c3\u00af\u00c2\u00bf\u00c2\u00bdThat 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.”<\/p>\n
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.<\/p>\n
Paul Oranika
Contributing Writer
HedgeCo.Net
Email: paul@hedgeco.net<\/p>\n
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