Emigrant Bank announced that its subsidiary, EB Safe will exercise its right of first refusal and will acquire the 25% stake that it does not already own in a majority-owned subsidiary, Fiduciary Network, from former members of FN's management team.
The transaction, which will bring EB Safe's beneficial ownership in FN to 100%, will have no effect on its IFA Partners.
"Emigrant remains deeply committed to the future of FN and our IFA Partners," said Barry S. Friedberg, FN board member and Chair of Emigrant's Finance Committee.
"To date, Emigrant has invested $155 million of permanent capital through FN to support the financing needs of independent advisory firms representing nearly $40 billion in client assets and approximately $200 million of aggregate revenue for internal succession, growth and other strategic transactions."
Emigrant's financial and legal advisors in the transaction were Silver Lane Advisors LLC and Dechert LLP, respectively. FN's financial advisor was Evercore Inc.
