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.
No comments:
Post a Comment