New Orleans-based Liberty Bank and Trust Co. agreed to acquire Louisville, Ky.-based Louisville Development Bancorp Inc., the holding company for Metro Bank.

The deal is expected to close during the first quarter of 2020.

On an aggregate basis, S&P Global Market Intelligence calculates that the deal value is 56.43% of common equity and of tangible common equity. It is also 11.64% of assets and 14.61% of deposits.

S&P Global Market Intelligence valuations for bank and thrift targets in the Midwest region between Dec. 5, 2018, and Dec. 5, 2019, averaged 140.74% of book and 146.03% of tangible book and had a median of 16.21x last-12-months earnings, on an aggregate basis.

Liberty Financial Services Inc., the holding company for Liberty Bank and Trust, will enter Jefferson County, Ky., with one branch to be ranked No. 21 with a 0.1% share of approximately $21.16 billion in total market deposits due to the deal.

Metro Bank had about $26 million in assets and $21 million in deposits at Sept. 30. Liberty Bank and Trust had roughly $628 million in assets and $541 million in deposits as of the same date, according to a news release.

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