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R-G Financial completes Florida, Georgia expansion

Subsidiary R-G Crown Bank’s acquisition of 18 SouthTrust Bank branches brings total of stateside branches to 33


February 24, 2005
Copyright © 2005 CARIBBEAN BUSINESS. All Rights Reserved.

R-G Financial Corp., through its stateside subsidiary R-G Crown Bank, on Tuesday completed the acquisition of the 18 branches of SouthTrust Bank, of which 15 are located in Florida and three in Georgia.

With the acquisition, R-G Crown Bank expands its Florida market in Lakeland, where it is acquiring five branches; in Jacksonville, where it is acquiring nine branches; in Deland, where it is adding one branch; and in Georgia, where it is expanding its presence by adding three branches in Augusta.

Currently, R-G Financial has 15 branches in Florida, of which seven are in the Orlando area and eight are in the western and southern coasts of the Sunshine State. With the SouthTrust Bank acquisition, R-G’s operations in the mainland U.S. amount to 33 branches, equaling the amount of branches R-G Financial has in Puerto Rico through R-G Premier Bank.

R-G Crown Bank’s latest acquisition brings its total assets to $2.7 billion and its mortgage-servicing portfolio to $3 billion. As a result of the acquisition, R-G Crown Bank is also expanding its mortgage operations with two branches in Jacksonville and Lakeland, which, along with its existing facilities in Orlando, Kissimmee, and St. Petersburg, brings the total number of mortgage branches to five.

The acquisition and conversion of the new branches were fully integrated into the bank’s operations as these opened on Tuesday under the R-G Crown Bank name. The additional branches represent an increase of more than $650 million in deposits and $350 million in loans. The acquisition of the 18 branches with 150 employees brings the total number of employees under R-G Crown Bank to more than 600.

"With this expansion, R-G expands its banking and mortgage services to better serve its Florida clients, expanding its branch network and making it easier for clients in Puerto Rico and the mainland U.S. to access their Premier service," said R-G Financial Corp. chairman and CEO Victor Galán.

Currently in its 33rd year of operations and with $10.2 billion in assets, R&G Financial Corp. (NYSE: RGF) is a diversified financial holding company with operations in Puerto Rico and the U.S. mainland providing banking, mortgage banking, investments, consumer finance, and insurance through its wholly owned subsidiaries R-G Premier Bank of Puerto Rico, R&G Mortgage Corp., Mortgage Store of Puerto Rico Inc., Continental Capital Corp., Home & Property Insurance Corp., and R-G Investments Corp.

This Caribbean Business article appears courtesy of Casiano Communications.
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