Antoun Sehnaoui, the current Chairman of Société Générale de Banque au Liban (SGBL), has agreed to buy Pikes Peak National Bank (PPNB). PPNB is one of the few independent banks left in Colorado Springs, USA. Sehnaoui agreed to buy the bank from the Georgeson family that owned it for nearly 40 years. He will serve as chairman of the bank, whereas John Georgeson, the bank’s chairman and CEO, will retire. Robin Roberts, now the bank’s president, will add the CEO title. Two years ago, Sehnaoui’s representatives approached Georgeson and his sister, who own the bank’s holding company. They asked the Georgesons if they were interested in selling the bank. The answer was that PPNB was not for sale, however, they would take the offer into consideration if their conditions were adhered. The sale’s negotiations started last summer. Sehnaoui agreed on the conditions of the offer which are the following:
- not requiring Pikes Peak National to be merged with another bank
- the bank’s employees, officers and board would be retained
Furthermore, Sehnaoui aims to grow the bank in the States and in Latin America that houses a large number of the Lebanese Diaspora. The 44-year-old banker has been searching two years for a U.S. bank “with a national charter that had a local feel. He also wanted a bank that had gone through extensive regulatory scrutiny so he knew what he was buying and he wanted a fabulous executive management team.”
About Pikes Peak National Bank
Pikes Peak has three branches with combined assets of $88.9 million and about 30 employees. A group of west-side businessmen started the bank on July 1, 1957. In fact, the bank was originally called Pikes Peak Bank of Commerce. Its philosophy is to provide the community with a solid, sensibly run financial institution.
About Antoun Sehnaoui
According to a biography on his website, Sehnaoui is:
- the current Chairman of Société Générale de Banque au Liban (SGBL) and the finance house FIDUS Wealth Management
- the Vice-Chairman of Société Générale de Banque – Jordan
- a member of the Board of Directors of the Banks’ Association in Lebanon