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Martin Diaz Alvarez's Venezuelan-Influence Evident on Legacy Bank Deal

BusinessIt is no secret that the announced deal about Legacy Bank has a majority of Venezuelan descent. Sources said that the majortity of the investors seeking control of the said bank are from Venezuela (Including one man who’s director of Mecantil Commercebank). Announced in October, the Boca Raton-based bank announced that they are on the verge of an agreement to raise $16.3 million in capital. It raised the first $2.7 million on its 3rd quarter to adequately capitalized condition. To reach the “well capitalized” status the bank needs the rest of the money to come in.

The Business Journal obtained a copy of the public portion of that application from the FDIC, depending on the approval of Federal Deposit Insurance Corporation on whether that money comes in or not the investor’s application of the control of $292 million-asset Legacy Bank.

After performing due diligence, the investors agreed to buy 14.08 million shares of Legacy Bank at $1 a share – less than its $2.52-a-share book value, the application stated that the bank unsuccessfully
attempted to launch a public offering in December 2010 at $3 a share, but later met a group of private
investors who were interested in purchasing control of the bank.

The rest is awaiting FDIC approval, while the first $633,000 was received from the investors in the third quarter. The bank also sold 2 million shares to the public in the third quarter, reports says.
The proposed new investors in Legacy Bank area are Miguel A. Capriles Lopez (Caracas, Venezuela),
Adelaida Capriles de Brillembourg (Caracas, Venezuela), Martin Diaz Alvarez (Mexico City, Mexico),
Carlos Jose Acosta Lopez (Caracas, Venezuala) and Alejandro Rodriguez Blanco (Key Biscayne, Florida), on that toll there are 3 out of 5 from Caracas, Venezuela.

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