Century City’s 1st Century Bank, announced late Thursday it will be bought by privately held Midland Financial Co. of Oklahoma City.
Midland Financial will pay $11.22 a share or about $116 million for 1st Century Bancshares Inc., the Century City bank’s parent, taking the publicly-traded company private. 1st Century Bank will be merged into Midland Financial subsidiary MidFirst Bank and continue to operate under its name as a separate division.
The Century City institution operates three locations, all in Los Angeles, and had assets totaling $732 million at the end of last year. MidFirst has more than 75 bank branches in Oklahoma, Arizona and Denver as well as commercial lending offices in a handful of other states. The merger will result in a combined company with assets of more than $12 billion.
“MidFirst Bank’s combination of size, private ownership and relationship focus creates an optimal situation for 1st Century Bank and our clients,” said 1st Century Bancshares Chairman Alan Rothenberg, adding the deal will expand his bank’s borrowing capacity while broadening its selection of products and services.
The deal has been approved by both banks’ boards and holding companies, and is expected to close in the second half of 2016, subject to regulatory approvals.
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