MORGAN CITY, La. – MC Bancshares, Inc., the holding company for M C Bank & Trust Company (collectively, “M C Bank”), announced on March 16 that its shareholders have approved the proposed merger with DMMS Purchaser, Inc. (“DMMS”) at a special shareholder meeting held March 13.
Shareholders demonstrated strong engagement in the process, with 93% of shareholders participating in the vote and 92.19% voting in favor of the merger.
“This vote reflects the confidence our shareholders have in the future of our organization and the opportunities ahead,” said Christopher LeBato, President and Chief Executive Officer of M C Bank. “We are grateful for the thoughtful review our shareholders gave to the materials and for their continued support as we move forward with this next chapter.”
The proposed merger with DMMS is expected to strengthen M C Bank’s long-term growth strategy by expanding capabilities, enhancing resources available to clients and continuing to invest in its associates and communities. The combination positions the organization for continued growth while maintaining its commitment to relationship-driven community banking.
M C Bank, a Louisiana-chartered state bank headquartered in Morgan City, operates 10 banking centers and offices across Southeast Louisiana. The institution was founded in 1955 and is owned by MC Bancshares, which was formed in 1991 as a one-bank holding company. The bank also has three additional banking centers in development, including a second location in Covington and new sites in Uptown New Orleans and Houma.
Kenny Nelkin, Chairman of the Board of M C Bank, added, “The strong participation and support from our shareholders is an encouraging milestone in this process. On behalf of the Board of Directors, I want to thank our shareholders for their engagement and confidence in the strategic direction of our company.”
M C Bank Investment, Leadership and Growth Strategy
DMMS Purchaser, Inc. is a newly formed acquisition vehicle and a wholly owned subsidiary of DMMS Holdings LLC, led by former IBERIABANK Corp. CEO Daryl Byrd and a senior team of banking executives focused on building a regional banking franchise, subject to completion of the proposed merger and regulatory approvals. Under the agreement, DMMS is expected to make a significant capital investment in M C Bank to support expansion and strengthen its balance sheet, and has been pursuing an equity capital raise of up to $250 million in connection with the transaction.
Following the merger, Byrd is expected to serve as chief executive officer and chairman of the holding company, while LeBato will transition to vice chairman and chief of staff and remain involved in strategic leadership. Bank officials have said all employees will be retained and no existing banking centers will close as part of the transaction.
The merger remains subject to regulatory approval and customary closing conditions, and M C Bank continues to target closing the transaction during the second quarter.
The special shareholder meeting was held at the New Orleans office of Baker, Donelson, Bearman, Caldwell & Berkowitz, PC, the law firm representing M C Bank.
