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PEOPLES NATIONAL BANK PURCHASED BY GROUP OF PROMINENT SOUTH FLORIDA BLACK BUSINESSMEN

PEOPLES NATIONAL BANK PURCHASED BY GROUP OF PROMINENT SOUTH FLORIDA BLACK
    BUSINESSMEN
    MIAMI, Sept. 30 /PRNewswire/ -- Peoples National Bank of Commerce has been purchased by a group of South Florida businessmen headed by Garth Reeves, Sr., William Armstrong, Thaddeus Wilcox and Wayman Adkins. The acquisition returns Peoples National Bank to its previous status as the only Black-owned bank in Florida.
    Since 1946, Reeves has been publisher of The Miami Times, the Black community newspaper which originally was printed by his father beginning in 1923.  He has been a leader in several aspects of South Florida life, including business, social, charitable and political.
    Armstrong is the owner of Hollywood Ford, and previously operated several McDonalds restaurant franchises.  He has been active in the business and social community in Dade and Broward counties for several years.
    Wilcox has been president and chief executive officer of Peoples National Bank since 1989, and also served as a director of the bank prior to that time.  He held several management positions with Southeast Bank from 1979 to 1989.
    Adkins is the owner and chief executive officer of Consolidated Techniques, a contractor.
    Their holding company -- NGLC, Inc. -- purchased 93 percent of the bank's stock from the Federal Deposit Insurance Corporation, which obtained the stock when it took over Southeast Bank.  Southeast had obtained the stock when it foreclosed on a loan to Peoples Bancshares, Inc. for which the stock had been pledged as collateral.
    The remaining 7 percent is owned by approximately 50 individual investors who are not active in the bank's management.
    Peoples National Bank has approximately $20 million in deposits, and its capital exceeds all Federal regulatory requirements.
    Wilcox, who remains as president and chief executive officer, stated, "Peoples National probably is the only healthy, strong bank ever to be owned by the FDIC.  The complicated previous ownership and loan default situation and then Southeast's demise caused the government agency to wind up owning the bank.  This created confusion in many people's minds as to the status of the bank.
    "I am happy to announce that the confusion is finally over.  We are a sound financial institution, and now we have a strong ownership group. We will be an aggressive provider of banking services to the Black community and others, and we intend to grow the bank.
    "Garth Reeves and Bill Armstrong played significant roles in making this acquisition happen and will be important to the future success of the banks.  With strength such as this, I feel confident that Peoples National Bank will become one of the success stories in Florida banking."
    The new owners invested their own money for approximately 75 percent of the purchase price.  A group of local banks led by BankUnited, Citizens Federal Bank and First Union National Bank loaned the group the remaining 25 percent.  Also included in the loan syndicate are Northern Trust Bank, Bank of North America and City National Bank.
    The law firm of Stuzin and Camner represented NGLC, Inc. in the lengthy transaction which culminated in Federal approval and the acquisition.
    -0-             09/30/92
    CONTACT:  Thaddeus Wilcox, president of Peoples National Bank of Commerce, 305-835-1704 or 305-835-1706 CO:  PEOPLES NATIONAL BANK OF COMMERCE IN:  FIN SU:  TNM ST:  FL -- FL005 -- X418  09/30/92
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Publication:PR Newswire
Date:Sep 30, 1992
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