MidFirst Bank in Oklahoma City has agreed to buy five Houston branches from Amerant Bancorp in Coral Gables, Fla.
The $36.4 billion-asset MidFirst said in a press release that it expects to complete the deal in the second half of this year. The price wasn’t disclosed.
The sale includes $576 million of deposits and $529 million of loans.
“Houston is a strategic market for us and the acquisition of Amerant Bank’s Houston locations supports our growth plans,” Jeff Records, MidFirst’s chairman and CEO, said in the release. “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.”
All 45 Amerant employees are expected to join MidFirst.
Raymond James and Covington & Burling advised MidFirst. Stephens and Squire Patton Boggs advised Amerant.