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Amerant Bancorp Inc. announced the sale of its Texas operations to MidFirst Bank, including $576 million in deposits and $529 million in loans. The decision was made to focus on expansion plans in Florida and Tampa, with the transaction expected to close in the second half of 2024.
Amerant Bancorp Inc. ha annunciato la vendita delle sue operazioni in Texas a MidFirst Bank, inclusi 576 milioni di dollari in depositi e 529 milioni di dollari in prestiti. La decisione è stata presa per concentrarsi sui piani di espansione in Florida e Tampa, con la transazione prevista per essere conclusa nella seconda metà del 2024.
Amerant Bancorp Inc. anunció la venta de sus operaciones en Texas a MidFirst Bank, incluyendo 576 millones de dólares en depósitos y 529 millones de dólares en préstamos. La decisión se tomó para enfocarse en los planes de expansión en Florida y Tampa, esperando que la transacción se cierre en la segunda mitad de 2024.
Amerant Bancorp Inc.는 텍사스 사업을 MidFirst Bank에 매각한다고 발표했습니다. 이 거래에는 5억 7,600만 달러의 예금과 5억 2,900만 달러의 대출이 포함됩니다. 이 결정은 플로리다와 탬파에서의 확장 계획에 집중하기 위해 내려졌으며, 거래는 2024년 하반기에 마무리될 예정입니다.
Amerant Bancorp Inc. a annoncé la vente de ses opérations au Texas à MidFirst Bank, incluant 576 millions de dollars en dépôts et 529 millions de dollars en prêts. La décision a été prise afin de se concentrer sur les plans d'expansion en Floride et à Tampa, avec une clôture de la transaction prévue pour le second semestre de 2024.
Amerant Bancorp Inc. hat den Verkauf seiner Texas-Operationen an die MidFirst Bank angekündigt, einschließlich 576 Millionen Dollar an Einlagen und 529 Millionen Dollar an Krediten. Die Entscheidung wurde getroffen, um sich auf Expansionspläne in Florida und Tampa zu konzentrieren, wobei der Abschluss der Transaktion für die zweite Hälfte des Jahres 2024 erwartet wird.
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Insights
The sale of Amerant Bancorp Inc.'s Texas operations constitutes a strategic pivot focusing on the Florida market. Such a divestiture typically aims to streamline operations and allocate resources more efficiently. The deal size, with $576 million in deposits and $529 million in loans, is substantial and a significant infusion of liquidity could be anticipated. This liquidity may be earmarked for bolstering the bank's presence in South Florida and Tampa. Investors should scrutinize the transaction's terms, the impact on Amerant's balance sheet and potential changes in the company's risk profile. It's also important to consider the operational efficiency gains versus the revenue lost from the Texas operations.
A focus shift to a single-state operation can reflect an attempt to solidify market share and competitive advantage in what is perceived as a more lucrative or strategically important market. However, exiting a market like Texas could mean relinquishing future growth prospects in a region known for its robust economy. One must consider the opportunity costs of exiting the Houston market and the ability of Amerant to capitalize on the Florida market sufficiently to offset this. The bank's strategy post-transaction will be crucial, as will be its ability to manage the redeployment of resources from the sale.
Regulatory approvals are a pivotal step in bank transactions of this scale. As the transaction is expected to close in the second half of 2024, there is a significant lead time during which market conditions or regulatory landscapes could shift, potentially affecting the deal's final terms or feasibility. Investors should be aware of this timeline and the fact that such transactions are subject to intense regulatory scrutiny, which can uncover issues that could affect the agreement or the valuation of the assets being transferred.
CORAL GABLES, Fla.--(BUSINESS WIRE)--
Amerant Bancorp Inc. (NYSE: AMTB) (“Amerant” or the “Company”) 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.
“As part of our strategic planning process, we reviewed our current business model of operating in both Florida and Texas. While we have appreciated the opportunity to serve our customers in Houston and see the potential for growth there, we recognized that additional investment would be needed to gain the scale necessary for our Houston operations to materially contribute to future results,” said Jerry Plush, Chairman and CEO. “With the tremendous growth opportunities we see here in Florida, we believe it is prudent to focus on the execution on our ongoing expansion plans in South Florida and Tampa, and continue to work toward achieving our goal of being the bank of choice in the markets we serve.”
The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close in the second half of 2024.
Stephens Inc. served as financial adviser and Squire Patton Boggs (US) LLP provided legal counsel to Amerant. Raymond James & Associates, Inc. served as financial adviser and Covington & Burling LLP provided legal counsel to MidFirst Bank.
Today, April 17, 2024, Jerry Plush, Chairman and Chief Executive Officer, and Sharymar Calderón, Executive Vice-President and Chief Financial Officer, will host a conference call at 5:30PM ET to discuss the transaction.
The conference call will be webcast live online and may be accessed through the investor relations section of the Company’s website, www.amerantbank.com, in “IR Calendar” under the “News & Events” heading. A replay of the webcast will be available on the Company's website for approximately 30 days.
About Amerant Bancorp Inc.
Amerant Bancorp Inc. is a bank holding company headquartered in Coral Gables, Florida since 1979. The Company operates through its subsidiaries, Amerant Bank, N.A. (the “Bank”), Amerant Investments, Inc., Elant Bank and Trust Ltd., and Amerant Mortgage, LLC. The Company provides individuals and businesses with deposit, credit and wealth management services. The Bank, which has operated for over 40 years, is the largest community bank headquartered in Florida. The Bank operates 24 banking centers – 17 in South Florida, 1 in Tampa, Florida, and 6 in Houston, Texas. For more information, visit www.investor.amerantbank.com.
Forward-Looking Statements
This press release contains “forward-looking statements” including statements with respect to the Company’s objectives, expectations and intentions and other statements that are not historical facts. All statements other than statements of historical fact are statements that could be forward-looking statements. Forward-looking statements include the Company’s strategic rationale for, and proposed benefits of, the Company’s sale of its Houston franchise (the “Sale Transaction”), the Company’s ability to consummate the Sale Transaction on terms acceptable to the Company, if at all, the Company’s expected use of proceeds from the Sale Transaction, the Company’s business strategy following the consummation of the Sale Transaction, and the Company’s growth initiatives in Florida, including expectations regarding the labor market in Florida. You can identify these forward-looking statements through our use of words such as “may,” “will,” “anticipate,” “assume,” “should,” “indicate,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “plan,” “point to,” “project,” “could,” “intend,” “target,” “goals,” “outlooks,” “modeled,” “dedicated,” “create,” and other similar words and expressions of the future.
Forward-looking statements, including those relating to our beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions, involve risks, uncertainties and other factors, which may be beyond our control, and which may cause the Company’s actual results, performance, achievements, or financial condition to be materially different from future results, performance, achievements, or financial condition expressed or implied by such forward-looking statements. You should not rely on any forward-looking statements as predictions of future events. You should not expect us to update any forward-looking statements, except as required by law. All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, together with those risks and uncertainties described in “Risk factors” in our annual report on Form 10-K for the fiscal year ended December 31, 2023 filed on March 7, 2024 (the “Form 10-K”), our quarterly reports on Form 10-Q, and in our other filings with the U.S. Securities and Exchange Commission (the “SEC”), which are available at the SEC’s website www.sec.gov.
