Investment Summary

Exits American International Bank

On January 1, 2000, invested in financial services company American International Bank from Hovde Private Equity Advisors for 34M USD

Investment Highlights
  • This is transaction in the Financial Services sector.
  • This is largest (disclosed) transaction.
  • This is transaction in the United States.

Investment Summary

Date 2000-01-01
Target American International Bank
Sector Financial Services
Sellers(s) Hovde Private Equity Advisors
Deal Type Trade Sale - Public Company
Deal Value 34M USD

Target

American International Bank

United States
In mid-1997, a Hovde affiliate recapitalized AIB, a troubled Asian-American bank, after obtaining necessary federal and state regulatory approvals. We placed two members on the AIB board of directors, became actively involved in managing the bank, and then spearheaded the sale of the bank. In January 2000, AIB was sold to EastWest Bancorp in a cash transaction valued at approximately $34 million, resulting in a gross IRR of 17.6% on an investment of approximately $1.7 million.

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Seller(S) 1

SELLER

Hovde Private Equity Advisors

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1994
Size Small
Type Sector Focused
DESCRIPTION

Hovde Private Equity Advisors is the private equity investment arm of financial services firm, The Hovde Organization. Hovde Private Equity was created to invest in financial services companies, including banks, non-depository institutions, and other financial service providers. Hovde targets US based opportunities. Hovde Private Equity was formed in 1994 and is based in Chicago, Illinois.


DEAL STATS #
Overall 4 of 8
Sector (Financial Services) 4 of 8
Type (Trade Sale - Public Company) 3 of 6
Country (United States) 4 of 8
Year (2000) 2 of 3
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2000-01-01 North County Bancorp

Escondido, California, United States

the Board of Governors of the Federal Reserve System and the California Department of Financial Institutions.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2000-02-01 Bank of Hollywood

Los Angeles, California, United States

Beginning in 1996, Hovde Acquisition affiliates acquired shares of Bank of Hollywood and, in 1998, received change in control approval from the Federal Deposit Insurance Corporation, and the California Department of Financial Institutions, and entered into passivity commitments with the Board of Governors of the Federal Reserve System to acquire in excess of 9.9% of Hollywood's outstanding shares. Hollywood was sold in February 2000 to PBOC Holding Inc., resulting in a gross IRR of 33.4% on an investment of approximately $1.1 million.

Sell -