Liberty Bank expands its southern footprint with latest acquisition
28th October 2013 · 0 Comments
Liberty Bank and Trust recently announced plans to expand its footprint to eight states with the acquisition of First Tuskegee Bank of Alabama
According to New Orleans CityBusiness, the purchase will be the second this year for the 41-year-old Liberty Bank, which has used a string of acquisitions to establish a presence across the South and Midwest over the past decade.
The Montgomery Advertiser reported that Liberty Bank will acquire First Tuskegee Bank’s assets and its three Alabama branches, one in Tuskegee and two in Montgomery, under the deal, though the banks did not provide further details. The final agreement is subject to shareholder and regulatory approval.
Liberty Bank officials did not return a call from CityBusiness seeking comment.
With $54.4 million in deposits and $33.4 million in total loans as of June 30, First Tuskegee Bank was founded in 1990 by a group of investors who purchased the assets of the insolvent Tuskegee Federal Savings and Loan Association established in 1894. The investors were led by James Wright, the father of current First Tuskegee Bank CEO Neill S. Wright.
According to its website, First Tuskegee Bank is one of the oldest continuously operating minority-owned and operated financial institutions in the country.
Liberty Bank and Trust, one of the nation’s largest Black-owned banks, has grown exponentially from assets totaling $184.3 million in 2000 to $556 million as of June 30. Its recent acquisitions include the failed Covenant Bank of Illinois in February, and United Bank and Trust Co. of Louisiana and Home Federal Savings Bank of Detroit in 2009.
With Liberty Bank CEO and president Alden McDonald at the helm, the financial institution currently operates 19 offices in Illinois, Kansas, Louisiana, Michigan, Mississippi, Missouri and Texas.
This article originally published in the October 28, 2013 print edition of The Louisiana Weekly newspaper.