North American Financial Holdings Acquires Three Failed Banks

Skadden is representing North American Financial Holdings, Inc. (NAFH) in its acquisition of substantially all of the assets, deposits, and certain other liabilities of three failed banks from the FDIC, announced on July 16. NAFH consummated the acquisition of MetroBank of Dade County, Turnberry Bank, and First National Bank of the South through NAFH National Bank, a newly formed FDIC-insured national bank. As of March 31, MetroBank of Dade County had total assets of $442.3 million and total deposits of $391.3 million. Turnberry Bank had total assets of $263.9 million and total deposits of $196.9 million. First National Bank of the South had total assets of $682.0 million and total deposits of $610.1 million. NAFH National Bank and the FDIC entered into loss-share agreements with respect to approximately $1 billion of the acquired assets.