M&A Deal Summary

Hovde Private Equity Advisors Acquires American International Bank

On January 1, 1997, private equity firm Hovde Private Equity Advisors acquired financial services company American International Bank

Acquisition Highlights
  • This is Hovde Private Equity Advisors’ 6th transaction in the Financial Services sector.
  • This is Hovde Private Equity Advisors’ 6th transaction in the United States.
Investment Fate
  • American International Bank was sold to a publicly-traded strategic buyer in 2000 for 34M USD.

M&A Deal Summary
Date 1997-01-01
Target American International Bank
Sector Financial Services
Buyer(s) Hovde Private Equity Advisors
Deal Type Buyout (LBO, MBO, MBI)

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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Buyer(S) 1

Buyer

Hovde Private Equity Advisors

Washington, District of Columbia, United States

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 6 of 14
Sector (Financial Services) 6 of 13
Type (Buyout (LBO, MBO, MBI)) 6 of 12
Country (United States) 6 of 14
Year (1997) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1996-06-01 Business and Professional Bank

Davis, California, United States

In June 1996, principals of Hovde acquired approximately 11.5% of B&P. The bank was acquired for cash in May 1997 by U. S. Bancorp, yielding a gross IRR of 123.4% on an investment of $1.9 million.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
1997-05-01 Business and Professional Bank

Davis, California, United States

In June 1996, principals of Hovde acquired approximately 11.5% of B&P. The bank was acquired for cash in May 1997 by U. S. Bancorp, yielding a gross IRR of 123.4% on an investment of $1.9 million.

Sell -
Mergr

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Company

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