Liberty Bank and Trust to acquire Tri-State Bank of Memphis for $965m
Liberty Bank and Trust Company has agreed to acquire Tri-State Bank of Memphis in an all-cash deal worth around $965 million in a move to foray into the Memphis, Tennessee market.
Based in New Orleans, Louisiana, Liberty Bank and Trust Company is the holding company for Liberty Financial Services, which operates across 11 cities in nine states.
For the reporting period that ended 31 March 2021, Liberty Bank and Trust Company had total assets of around $860 million.
On the other hand, Tri-State Bank of Memphis operates a single office in Memphis had assets of around $105 million and deposits of $95 million, as of 31 March 2021.
Alden McDonald – President and CEO of Liberty Bank and Trust Company said: “Memphis is extremely rich in history, and we are proud to continue servicing the Community. Both Tri-State and our Board have a history of serving the underbanked, and this merger offers more financial access, products, banking technology, and enhanced capacity for lending.
“We are excited and focused on continuing to service the people of Memphis with an expanded suite of financial services – including a more robust mortgage product and a variety of personal and commercial banking options. This is a great time for Minority Deposit Institutions, and we are honored to join the Memphis Community!”
Following the acquisition, the enlarged Liberty Bank and Trust Company will have assets of nearly $965 million and offices in a dozen cities.
Archie Willis – Chairman of Tri-State Bank of Memphis said: “Combining with Liberty, an extremely well-run institution that shares our culture, will enhance our ability to serve our customers and uphold our mission. This transaction is compelling for all of Tri-State’s stakeholders including customers, employees, shareholders and our community.”
The deal, which is subject to shareholder approval of Tri-State Bank of Memphis and customary regulatory approvals, is anticipated to be wrapped up by the end of the year.