Canadian Imperial Bank of Commerce has made a minority investment in StoneCastle Partners. Financial terms weren’t disclosed. Charlesbank Capital Partners also holds a minority stake in StoneCastle. New York-based StoneCastle is an asset management and financial services company that invests in banks.
Canadian Imperial Bank of Commerce (“CIBC”, TSE: CM | NYSE: CM) has made a minority investment in StoneCastle Partners, LLC, a leading asset management and financial services company dedicated to investing and serving the community banking sector. Terms of the transaction were not disclosed. CIBC joins Charlesbank Capital Partners, a highly respected middle market private equity firm, as a minority investor in StoneCastle. CIBC’s investment will support the continued growth of StoneCastle as it seeks to expand the products and services it provides to community banks and institutional investors.
Founded in 2003, StoneCastle is one of the largest investors in community banks and has developed a large and growing network of relationships with banking institutions located throughout the U.S. The company, headquartered in New York City, currently manages more than $4.0 billion in assets and offers cash management, capital market, and advisory services to banks and institutional investors. Through its innovative investment structures and deposit solutions, StoneCastle and its principals have collectively provided over $5.6 billion of capital to over 430 community banks in the U.S. and has over 400 deposit relationships through its subsidiary, StoneCastle Cash Management, LLC.
StoneCastle’s current management team, led by Joshua Siegel, George Shilowitz, and Matthew Mayers will continue to manage the firm’s strategy and direction.
“We are very pleased to have CIBC, one of the world’s strongest banks as an investor in our company. After achieving rapid growth in assets under management in 2011, we are on pace for an even stronger year in 2012. CIBC’s support is a vote of confidence in our community bank focused strategy and will help us move our business to the next level,” said Mr. Siegel, Managing Principal of StoneCastle Partners.
CIBC is a leading North American financial institution with nearly 11 million personal banking and business clients. CIBC has three major businesses — Retail and Business Banking, Wealth Management and Wholesale Banking — focused in Canada and around the world. CIBC has more than 42,000 employees dedicated to helping its clients achieve what matters to them, delivering consistent and sustainable earnings for its shareholders; and giving back to its communities. Other news releases and information about CIBC can be found on its corporate website at www.cibc.com.
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