Marathon Bank in New York for Sale by Greek OwnerBy Matthew Monks American Banker
Piraeus Bank, a large Greek bank reeling from the country's ongoing debt woes, is selling Marathon Bank of New York, a 13-branch ethnic bank in Queens expected to fetch $90 million to $140 million, industry sources say.
Piraeus has hired KBW's Keefe, Bruyette & Woods (KBW) to shop the nearly $900 million-asset Marathon, which Piraeus has owned since 1999, said one of four sources that declined to be identified because the process is private.
KBW began soliciting bids in recent weeks for Marathon, which is a healthy — if not extremely profitable — bank. The bank caters to the large number of Greeks that live in Astoria, N.Y., where it is based. Among the companies with operations around New York City that have expressed interest in Marathon: People's United Financial in Bridgeport, Conn. (PBCT); New York Community Bancorp (NYB) in Westbury, N.Y., and Investors Bancorp (ISBC) in Short Hills, N.J., sources say.
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