Doraville, Ga.-based Metro City Bank seeks to acquire two branches fromLubbock, Texas-based CityBank. One of the branches is at 9788 Walnut St. in Dallas, and theother is at 2615 W. Pioneer Parkway in Grand Prairie, Texas.
The banks entered into a branch purchase and assumptionagreement May 18, according to an Interagency Bank Merger Act Application,recently obtained by S&P Global Market Intelligence. Metro City Bank notedin the filing that no existing branches of either bank will close in connectionwith the transaction.
Metro City Bank is a unit of As of March31, it had total assets of approximately $726.4 million, total net loans ofabout $594.2 million, total deposits of roughly $612.4 million andshareholders' equity of approximately $91.6 million. The bank currently doesnot have any branches in Texas.
City Bank is a subsidiary of At the endof March, it had total assets of about $2.54 billion, total net loans ofroughly $1.61 billion, total deposits of approximately $2.16 billion andshareholders' equity of about $238.2 million.
Hovde Group, led by Clark Locke and Joe Morton, advisedMetro City Bank.