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Fisher Takes 16% Stake in Boutique Bank

NEW YORK CITY-The move is intended to boost Modern Bank's ability to make and manage targeted real estate investments.

By Paul Bubny | Updated on July 21, 2009

NEW YORK CITY-Fisher Brothers said Tuesday that it is taking a 15.5% stake in locally-based Modern Bank, a move intended to boost the boutique bank’s ability to make and manage targeted real estate investments. A source familiar with the deal tells GlobeSt.com that Fisher’s equity investment stake in the bank is approximately $15 million, but adds “the anticipated loan volume via the new platform, would be far, far more, of course.”

In a release, Fisher partner Winston Fisher calls the investment “a natural extension of our existing business strategy. By combining our expertise as a vertically-integrated real estate investment company with Modern Bank’s existing lending platform, we believe we will be able to make a significant impact right away in the markets we have targeted.”

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