NEW ORLEANS – Liberty Bank and Trust Company announced Friday it acquired the assets and banking relationships of First Tuskegee Bank through a merger agreement that will greatly expand and enhance the services offered by the merged financial institution in Tuskegee and Montgomery, AL.
The acquisition is a continuation of Liberty Bank's rapid expansion over the past 10 years and marks its first venture into Alabama. Liberty now has operating financial institutions in eight states (Louisiana, Mississippi, Texas, Illinois, Michigan, Kansas, Missouri and now Alabama) and nine (9) major urban areas (New Orleans, Baton Rouge, LA, Jackson, MS, Houston, TX, Kansas City, MO, Kansas City, KS, Chicago, IL, Detroit, MI, Tuskegee, AL, Montgomery, AL).
The purchase of the assets of First Tuskegee Bank, which has branches in both Tuskegee and Montgomery, AL, became effective at close of business Friday, March 13, 2015. The new merged institution will re-open today, Monday, March 16, as Liberty Bank.
Leadership and key banking personnel will remain in place and continue operations at the branch in Tuskegee and two branches in Montgomery. The acquisition has been approved by all of the involved regulatory authorities.
In making the announcement about the acquisition by merger, First Tuskegee Bank President, Neill Wright said, "We have changed our name, but we now have Liberty. We have joined the Liberty Bank family. The merger offers us access to the latest banking technology, an enhanced capacity for lending and a continued commitment to our community focused service for the people of Tuskegee and Montgomery. We look forward to the expanded suite of services we can now offer our clients.”
Liberty President and CEO, Alden J. McDonald, Jr. said, "The merger of our financial institutions will be very beneficial for the former customers of First Tuskegee Bank. We intend to continue the mission-driven focus as a community development financial institution. Tuskegee and Montgomery are extremely rich in history and we are proud to continue to carry the torch of over a century of service as we introduce Liberty Bank to the Alabama market. The Tuskegee and Montgomery locations will also have a more robust mortgage product offering for its customers and a variety of personal and commercial banking options.”
Liberty Bank, headquartered in New Orleans, was founded in 1972. Liberty Bank has grown from an initial asset base of $2 million to more than $600 million. Liberty Bank is among the top 3 largest African-American owned financial institutions in the United States.
