NEW YORK – On Friday, January 23, 2004, Marathon Banking Corporation completed the acquisition of Interbank of New York with its simultaneous merger into Marathon National Bank of New York, its national bank subsidiary. Marathon Banking Corporation is the U.S. subsidiary of Piraeus Bank S.A. (BOPr.AT), a $16.5 billion asset banking group headquartered in Athens, Greece. The acquisition and merger was completed following the finalization of all standard procedures and approvals by the Greek and U.S. supervising authorities.
In addition, and in conjunction with this acquisition, on Friday, January 23, 2004, Marathon Banking Corporation also completed a capital increase of $32 million, through a private placement in the form of a rights offering to its existing shareholders. Most of the capital infusion was provided by Piraeus Bank S.A., its majority shareholder.
The acquisition is consistent with Piraeus Bank’s strategy in expanding its international presence in the New York metropolitan market through acquisitions and de-novo units. Both Marathon National Bank of New York and Interbank of New York are focused on community banking with special emphasis on small to mid-sized business firms in this market.
The combined bank, which will operate under the name of Marathon National Bank of New York, will have total assets in excess of $600 million, approximately 130 employees, and 11 full service banking offices in Queens, Manhattan, and Brooklyn. Mr. John Rakkou, former President and Chief Executive Officer of Interbank of New York, remains as a “Special Advisor” to the management of Marathon National Bank of New York.
“Marathon National Bank of New York’s strategic position in the highly attractive but competitive New York market is greatly enhanced by this intra-market combination”, states Mr. Michalis Sallas, Chairman of Piraeus Bank S.A. Mr. Paul N. Stathoulopoulos, President of Marathon National Bank of New York states that “both institutions have had a strong presence in the Greek -American community and the combined bank is now fully committed to becoming the bank of first choice in our community”.