The $156 billion-asset company said in a press release Monday that
it expected to complete the acquisition in the fourth quarter. It did not
disclose the price it will pay.
Sabal has originated nearly $6 billion in financing. It maintains
a $5 billion servicing portfolio.
Regions said plans to incorporate Sabal into its real estate capital
markets division.
“Regions will become even better positioned to further build on
our client base and deliver an expanded range of agency
and non-agency options for real estate lending,” Joel Stephens, Regions
Bank’s head of capital markets, said in the release.
“Sabal’s industry-leading technology platform and its leadership
in the small-balance commercial real estate arena make the company a great
match,” Stephens added.
Regions said it will keep Sabal’s offices New York, as well as in Irvine
and Pasadena, Calif.
Regions noted that it is not buying Sabal’s investment management
business, which will remain with the sellers. Pat Jackson, Sabal’s CEO, and Mike
Wilhelms, the company’s chief financial officer, will remain with the
investment management business.
Regions acquired EnerBank USA, a home improvement point-of-sale
lender, on Oct. 1.
Beekman Advisors and Davis Polk & Wardwell advised
Regions on the Sabal deal. Wells Fargo Securities and Kramer Levin
Naftalis & Frankel advised Sabal.
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