Liberty Bank and Trust Company, headquartered in New Orleans, Louisiana, announced on April 22 that it has finalized a merger agreement and has acquired the assets and banking relationships of Louisville Development Bancorp, Inc., the holding company for Metro Bank, Inc., Louisville, Kentucky.
The acquisition is a continuation of Liberty Bank’s expansion into major urban markets throughout America.
Founded in 1972 with headquarters in New Orleans, Liberty Bank has grown from an initial asset base of $ 2 million. Liberty Bank currently operates in eight states including Louisiana, Mississippi, Kansas, Missouri, Michigan, Alabama, Illinois, and Texas. It is among the top three largest African-American owned financial institutions in the United States. As of March 31, Liberty had approximately $625 million in assets and $533 million in deposits. The latest acquisition will give Liberty a footprint in nine states.
Metro Bank operates a single office in Louisville, Kentucky. As of March 31, Metro Bank had approximately $26 million in assets and $21 million in deposits.
“This acquisition will move Liberty into the Louisville, Kentucky marketplace,” said Alden J. McDonald, Jr., president and CEO of Liberty Bank and Trust Company said. “It will tie together our operations across nine states and will allow us to expand wealth building opportunities for the citizens of Louisville.”
McDonald pointed out that the Liberty Bank merger with Metro Bank will significantly enhance the financial products available for Metro Bank customers. “Liberty has a suite of online resources to give Metro Bank customers expanded banking services and products”.
Louisville Development Bancorp and Metro Bank President Pedro Bryant who will continue to lead operations in the Kentucky area.
“We are pleased to partner with Liberty Bank, an institution with a long history and tradition of dedication to the communities it serves,” Bryant said. “The acquisition will offer our customers access to the latest in banking technology, an enhanced capacity for lending and deposit offerings and a continued commitment to the community of Louisville and Jefferson County.”