One of the three men lined up to be new co-owners of Bermuda Commercial Bank is no longer one of the purchasers.

Logan Sugarman was to have been a 20 per cent beneficial owner of the bank, but will no longer be, according to Permanent Capital Holdings Ltd, the proposed buyer.

“This was a decision taken by Permanent Capital and does not impact the sale of BCB,” a spokesperson for Permanent Capital told The Royal Gazette last night.

The statement followed an earlier report by Florida-based Offshore Alert, a reporting and database website, that included details of US lawsuits and judgments relating to Mr Sugarman. Offshore Alert sent questions to him asking about his financial history, but said it did not receive a response.

However, it reported that a spokesperson for Permanent Capital said: “It has been confirmed that Mr Logan Sugarman will no longer be a purchaser in the BCB acquisition. The group remains excited and committed to grow BCB into a full-service commercial bank focused on adding meaningful value to businesses in Bermuda and the local economy.”

Permanent Capital, a private New York-based “socially orientated investor in financial services companies”, announced on February 5 that it was buying BCB from parent company Somers Ltd, subject to regulatory approvals, including from the Bermuda Monetary Authority.

The following day, Mr Sugarman said he, Lewis Katz and Chris Maybury were the sole owners of Permanent Capital Ltd and the sole owners of BCB post-close [of the transaction].

Financial details of the acquisition have not be released. Somers valued BCB at about $94.9 million in its 2018 annual report.