Financial Advisor
Amerant Bancorp Inc.
M&A Advisory
Has Agreed To Sell Six Branches To
Transaction Details
- Amerant Bancorp Inc. (NYSE: AMTB) today announced that its wholly owned subsidiary, Amerant Bank, N.A., entered into a definitive purchase and assumption agreement under which MidFirst Bank, based in Oklahoma City, Oklahoma, will acquire Amerant Bank’s banking operations and six branches in the Houston, Texas metropolitan area
- The transaction includes approximately $576 million of deposits and $529 million in loans
- The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close in the second half of 2024
- 100% cash consideration paid to Amerant
- $13.0 million fixed premium paid(1) to Amerant from divestiture of the Houston Franchise
Sources: Company Press Release, Company Investor Presentation, S&P Global Market Intelligence.
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(1) Fixed purchase price; in the event total noninterest bearing or total deposits excluding ICS accounts declines ~15% the purchase price changes to a floating premium %; deposit premium minimum is $9.25 million.
(2) MidFirst Bank also assumes Amerant’s remaining Houston branch lease obligations.
(3) Acquired $576 million in deposits less $292 million CD’s.
(4) Consolidated regulatory capital used.This material has been prepared solely for informational purposes as of its stated date. It is not a solicitation, recommendation or offer to buy or sell any security and does not provide information on which an investment decision to purchase or sell any securities could be based. It does not purport to be a complete description of the securities, markets or developments referred to in this material. All information and data included in this material has been sourced from company announcements and other sources cited in this material, but Stephens has not independently verified such information and does not guarantee that it is accurate or complete. No subsequent publication or distribution of this material shall mean or imply that any such information remains current at any time after the date of preparation of this material. Stephens does not undertake to advise you of any changes in any such information. Additional information is available upon request.
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