Amerant Bancorp in Coral Gables, Fla., shared more information on the pending sale of its Houston operations.
The $9.8 billion-asset company agreed in April to sell five branches, $576 million of deposits and $529 million of loans to MidFirst Bank in Oklahoma City in a deal expected to close by the end of this year.
Amerant disclosed in a regulatory filing that it expects to sell the operations at a $13 million premium, which will be partially offset by $1 million to $1.5 million in legal and investment banking fees.
The company expects to record $5.5 million of one-time charges in the second-quarter, including $3.4 million in market-value adjustments for two branches owned and $1.3 million in loan valuation allowance due to deferred loan costs.
Those charges were partially offset by a $4.4 million release in credit reserves after moving the loans to held for sale.