Amerant to sell Houston banking operations to MidFirst; includes $576M deposits, $529M loans

Amerant Bancorp Inc.

Purchase price includes deposit premium of $13M (floor $9.25M) plus net book value of assets and cash.
Sale covers six Houston branches; expected to close in H2 2024 subject to regulatory approvals.
CEO Jerry Plush says sale allows focus on Florida expansion in South Florida and Tampa.
MidFirst will assume $576M in deposits and acquire $529M in loans.
Stephens Inc. advised Amerant; Raymond James advised MidFirst.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Amerant Bancorp Inc. entered into Purchase and Assumption Agreement with MidFirst Bank valued at approximately $576.0 million and $529.0 million, respectively (effective 2024-04-16).

Action: entry
Agreement: asset purchase
Counterparty: MidFirst Bank
Value: approximately $576.0 million and $529.0 million, respectively
Effective: 2024-04-16

Exact text from the filing

On April 16, 2024, Amerant Bank, N.A. (the “Bank”), a wholly-owned subsidiary of Amerant Bancorp Inc. (the “Company”), entered into a Purchase and Assumption Agreement (the “Purchase Agreement”) with MidFirst Bank (“MidFirst”) pursuant to which MidFirst will purchase certain assets and assume certain liabilities (the “Transaction”) of the banking operations and six branches in the Houston, Texas metropolitan statistical area (collectively, the “Branches”).

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Amerant Bancorp Inc. filing history →

Source: SEC EDGAR

accession 0001734342-24-000025

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