Tuesday, August 20, 2013

CertusBank buys stake in company managing athletes, entertainers

CertusBank has made an investment in a company that manages the finances of entertainers and athletes, including -- reportedly -- the likes of Justin Timberlake and Anna Kournikova.

The bank, based in Greenville, S.C., but with corporate offices in SouthPark, did not disclose the terms of the deal it struck with Monarch Business and Wealth Management. Nor did it describe the rationale for the investment.

But that company is run by Barry Klarberg, a high-profile manager who has been linked in news reports to the famous singer Timberlake, tennis star Kournikova, actor Charlie Sheen and NHL legend Mark Messier.

"We are excited to partner with Monarch and their talented team of professionals in the next phase of our wealth management business,” says Charlie Williams, CertusBank’s co-CEO, Charlotte chamber board member and Bank of America alum, in a statement. “We are pleased to have this unique opportunity to invest and partner with such a robust platform.”

CertusBank surely hasn't been shy about making deals lately, though they're usually of a much different variety. It's bought nearly a half-dozen failed banks over the past few years as it's cobbled together a $2 billion franchise, and a Charlotte mortgage company last summer.

Private equity firm Asset Alliance bought a stake in Monarch last year.