Three Acquisitions Totaling More Than $4.1 Billion In First Quarter

Press Release
May 2005

Miami, Florida, May 12,2005 Bilzin Sumberg's Corporate & Securities Group handled three acquisitions totaling more than $4.1 billion in the first quarter of 2005. These transactions are indicative of the types of sophisticated mergers and acquisitions that our lawyers are handling, said Alan D. Axelrod, Chair of the firm's Corporate & Securities Group.

Sale of Kislak National Bank to Banco Popular
John Sumberg, Alan Axelrod and Monalee Zarapkar represented Kislak Financial Corp. and its subsidiary Kislak National Bank in the $158 million acquisition by Puerto Rico-based Banco Popular (Nasdaq: BPOP). The transaction closed Jan. 3.

Sale of LNR Property Corporation to Cerberus Capital Management
Brian Bilzin and Alan Axelrod represented the principal shareholder and senior management of LNR Property Corporation, a real estate investment, finance and management company formerly traded on the NYSE, in the $3.8 billion acquisition by an entity of which 75 percent is owned by the private investment firm Cerberus Capital Management, L.P. The transaction closed Feb. 3.

Sale of Union Bank of Florida to Colonial BancGroup
Brian Bilzin, Richard Goldstein and Monalee Zarapkar represented Union Bank of Florida in its $233 million acquisition by Alabama-based Colonial BancGroup Inc. (NYSE: CNB). The purchase price consisted of approximately 75% cash and 25% stock in Colonial BancGroup. The transaction closed Feb. 10.

About Bilzin Sumberg 
Bilzin Sumberg is a commercial law firm based in Florida. The Firm’s core practices include Business Finance & Restructuring, Corporate, Environmental, International, Land Development & Government Relations, Litigation, Real Estate, and Tax. For more information, please visit bilzin.com.

RELATED PEOPLE
Alan D. Axelrod
Chair, Corporate & Finance
Brian L. Bilzin
Founding Partner
Richard M. Goldstein
Chair, Tax & Private Wealth
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