Acquisition includes Houston operations and client relationships, building on MidFirst’s recent growth in Texas and the Western United States
OKLAHOMA CITY--(BUSINESS WIRE)--
MidFirst Bank ("MidFirst" or the “Company”), the largest privately owned bank in the nation, has entered into a definitive agreement to acquire the Houston, Texas banking locations of Amerant Bank, the main subsidiary of Amerant Bancorp Inc. (NYSE: AMTB). Upon closing expected later this year, MidFirst will add six Amerant Bank locations to the Company’s footprint and will gain Amerant’s Houston client relationships totaling approximately $576 million in deposits and $529 million in loans.
This transaction builds on MidFirst Bank’s recent growth in Texas and accelerates the Company’s expansion strategy in the state. The additional Houston banking locations will better position MidFirst to deliver the Company’s award-winning customer service in the Houston market and invest in the local community.
“Houston is a strategic market for us and the acquisition of Amerant Bank’s Houston locations supports our growth plans,” said MidFirst Bank Chairman and CEO Jeff Records. “We have many clients already in Texas, and have expanded in recent years to Houston, Dallas and San Antonio. With this acquisition, MidFirst will have a greater presence in an attractive and growing market and the ability to expand our banking services.”
MidFirst Bank will gain experienced bankers covering commercial and business banking, private banking and full-service retail banking. Upon closing, all 45 Amerant Bank employees are expected to join MidFirst and be able to leverage the Company’s successful platform, which provides the financial products of a large bank with the individualized service of a community bank.
MidFirst Bank Houston Market Executive Brian Heflin added, “The Amerant Bank team has built a strong reputation in Houston and shares our commitment to customer service and supporting the communities we serve. We look forward to welcoming the Amerant Houston team and their clients to MidFirst, and having the opportunity to demonstrate the quality of the banking services and culture of MidFirst.”
Upon completion of the transaction, Amerant Bank locations will be operated as MidFirst Bank locations. The transaction is subject to customary closing conditions, including regulatory approval, and is anticipated to close in the second half of 2024.
Raymond James & Associates, Inc. served as financial adviser and Covington & Burling LLP provided legal counsel to MidFirst Bank. Stephens Inc. served as financial adviser and Squire Patton Boggs (US) LLP provided legal counsel to Amerant.
About MidFirst Bank
With $36.7 billion in assets, Oklahoma City-based MidFirst Bank is the largest privately owned bank in the nation and provides commercial banking, private banking, wealth management and mortgage servicing nationally. MidFirst Bank has locations in Arizona, California, Colorado, Nevada, Oklahoma, Texas and Utah. MidFirst Bank serves California through 1st Century Bank, a division of MidFirst Bank.
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