Liberty Financial Services in New Orleans has agreed to buy Tri-State Bank of Memphis in Tennessee in a deal involving minority-owned banks.
The $860 million-asset Liberty said in a press release Thursday that it will pay cash for the $105 million-asset Tri-State. The deal is expected to close by the end of this year. Liberty did not disclose the price it will pay.
“Memphis is extremely rich in history, and we are proud to continue servicing the community,” Alden McDonald, Liberty’s president and CEO, said in the release.
“This merger offers more financial access, products, banking technology and enhanced capacity for lending,” McDonald added. “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.”
Liberty received a $10 million investment from JPMorgan Chase earlier this year. The bank operates in far-flung markets such as Detroit; Kansas City, Mo.; and Louisville, Ky.