The acquisition, which builds on MidFirst’s recent growth in Texas and the Western US, includes Amerant Bank’s operations and client relationships in Houston, Texas, along with employees working at all 45 Amerant Bank locations
MidFirst to buy Amerant Bank’s Houston locations. (Credit: Dmytro Demidko on Unsplash)
Oklahoma-based privately held financial institution MidFirst Bank has agreed to acquire the banking operations of Amerant Bank, a subsidiary of Amerant Bancorp, in Houston, Texas.
The proposed transaction, which builds on MidFirst Bank’s recent growth in Texas, will advance the company’s expansion strategy in the state.
It allows MidFirst to add six Amerant Bank locations to its footprint and gain Amerant’s Houston client relationships totalling around $576m in deposits and $529m in loans.
The additional Houston banking locations will help MidFirst deliver its services in the Houston market and invest in the local community.
The transaction is anticipated to be completed later this year, subject to certain customary closing conditions, including regulatory approval.
Upon closing, Amerant Bank locations will be operated as MidFirst Bank locations.
Employees at all 45 Amerant Bank locations will be transitioned to MidFirst and will use the company’s platform to provide the financial products of a large bank.
MidFirst Bank chairman and CEO Jeff Records said: “Houston is a strategic market for us and the acquisition of Amerant Bank’s Houston locations supports our growth plans.
“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.”
Based in Oklahoma, MidFirst Bank has $36.7bn in assets and provides commercial banking, private banking, wealth management and mortgage servicing nationally.
The bank operates in Arizona, California, Colorado, Nevada, Oklahoma, Texas and Utah, and serves California through 1st Century Bank, a division of MidFirst Bank.
Through the acquisition of Amerant’s locations, MidFirst Bank will get experienced bankers in commercial and business banking, private banking and full-service retail banking.
Raymond James & Associates served as financial adviser and Covington & Burling as legal counsel to MidFirst Bank, while Stephens served as financial adviser and Squire Patton Boggs (US) as legal counsel to Amerant.
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.”