NEW ORLEANS – Liberty Bank and Trust Company and its parent bank holding company (Liberty Financial Services Inc.) and Louisville Development Bancorp Inc. (the holding company for Metro Bank Inc.) announced their agreement that Louisville Development Bancorp will be acquired by Liberty Bank and Trust Company in a share exchange transaction. The cash transaction is subject to Louisville Development Bancorp shareholder and regulatory approval and is expected to close during the first quarter of 2020.
Liberty Bank and Trust Company operates 16 offices in eight states: Louisiana, Mississippi, Kansas, Missouri, Michigan, Alabama, Illinois and Texas. On. Sept. 30, Liberty had approximately $628 million in assets and $541 million in deposits.
Metro Bank operates a single office in Louisville, Kentucky. On Sept. 30 Metro Bank had approximately $26 million in assets and $21 million in deposits.
Alden J. McDonald, Jr., president and chief executive officer of Liberty Bank and Trust Company, said, “This is a strategically significant and meaningful move for Liberty Bank. Pedro Bryant, the board of directors, and the staff of Metro Bank have built a strong financial institution in Louisville. This acquisition will move Liberty into the Louisville, Kentucky marketplace. It will tie together our operations across nine states and will allow us to expand wealth-building opportunities for the citizens of Louisville.”
Louisville Development Bancorp and Metro Bank President Pedro Bryant said, “We are very pleased to be partnering with Liberty Bank, an institution with a long history and tradition of dedication to the communities it serves. The proposed acquisition will offer us access to the latest in banking technology, an enhanced capacity for lending and deposit offerings and a continued commitment to our community focused service for the people of Louisville and Jefferson County.”
