Spain’s Banco Sabadell has agreed to purchase Mellon United National Bank; terms of the transaction have not been disclosed. The transaction will have to be approved by regulatory authorities and a decision is expected in the first quarter of 2010, BNY Mellon said in a statement.

The bank will now focus on expanding its wealth management and private banking business in Florida.

"This transaction will sharpen our long-term effort to bring excellent wealth management, investment management and private banking solutions to high net worth individuals and families throughout the Florida market," said David Lamere, chief executive of BNY Mellon Wealth Management.

Over the past two years, BNY Wealth Management has expanded its business throughout Florida. The firm has now seven regional offices in the state and plans to continue to increase its Florida wealth management and private banking presence, adding salespeople and portfolio managers.

“We consider this region key to our growth strategy and we will continue to expand our presence in Florida," said Craig Sutherland, president of the Southeast region of BNY Mellon Wealth Management.

The US arm of Credit Suisse acted as exclusive advisor to the firm in this transaction.

Following this transaction, BNY Mellon will continue to employ nearly 1,250 people in Florida. In addition to wealth management, other BNY Mellon businesses with a presence in Florida include Corporate Trust and Asset Management.

BNY Mellon Wealth Management has $142 billion in private client assets. Its products and services are provided by subsidiary banks and trust companies of the Bank of New York Mellon Corporation.

Banco Sabadell, Spain's fourth-largest bank group, has over 1,200 branches in Spain and offices in 19 countries through subsidiaries and operational or representative offices.