MidFirst Bank entered into a definitive agreement to acquire the Houston banking locations of Amerant Bank, the main subsidiary of Amerant Bancorp. Upon closing of the transaction, 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.
“Houston is a strategic market for us and the acquisition of Amerant Bank’s Houston locations supports our growth plans,” Jeff Records, chairman and CEO of MidFirst Bank, said. “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 bankers covering commercial and business banking, private banking and full-service retail banking. Upon closing, all 45 Amerant Bank employees in its Houston locations are expected to join MidFirst.
“The Amerant Bank team has built a strong reputation in Houston and shares our commitment to customer service and supporting the communities we serve,” Brian Heflin, Houston market executive at MidFirst Bank, said. “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 Q2/24.
Raymond James & Associates served as financial adviser and Covington & Burling provided legal counsel to MidFirst Bank on this transaction. Stephens served as financial adviser and Squire Patton Boggs provided legal counsel to Amerant.
