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Amerant Bancorp (NYSE:AMTB) said Wednesday that its wholly-owned subsidiary, Amerant Bank, has agreed to sell its banking operations and six branches in Texas to Oklahoma-based MidFirst Bank.
The deal, which is expected to close in the back half of the year, includes about $576M of deposits and $529M in loans.
It all comes down to priorities. Amerant Bank would need to invest more to "gain the scale necessary for our Houston operations to materially contribute to future results," said Chairman and CEO Jerry Plush.
But, “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," he added.
Plush and Sharymar Calderón, executive vice-president and CFO, will host a conference call at 5:30 p.m. to discuss the sale.
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