Liberty Bank, a Louisiana-based commercial bank, last week announced the acquisition of United Bank and Trust Company, adding another viable institution to its expanding portfolio of financial institutions. The acquisition, which has been approved by United's shareholders but must gain regulatory consent, will increase Liberty's locations to 17 branches in five states, including Louisiana, Mississippi, Missouri, Kansas, and Texas.
Liberty Bank President Alden J. McDonald, Jr. says the acquisition makes sense and increases Liberty's ability to provide better services to its customers. "Anything that makes banking easy and more convenient for our customers is very important to us. By obtaining United Banks portfolio, we increase our capacity to compete with larger institutions," said McDonald.
"This is a win-win situation for all concerned. We are now part of a much larger financial network and can provide more and better services to our base customers," United Bank CEO Howard Brooks said.
Liberty Bank was founded in 1972 with assets of $2 million. Alden J. McDonald, Jr. has led the bank since its inception and has grown Liberty to its current holdings of $374 million, which positions Liberty as the third-largest African American-owned financial institution in the United States. United Bank was founded in 1990. Its current holdings are $25.5 million. With the acquisition, Liberty will inherit United's locations on Canal Street in New Orleans, branches in Algiers and Elmwood, and a branch in Opelousas, LA.
The mission of Liberty Bank is to provide cost-effective delivery of high -quality, innovative, customer-driven products and services to the diverse markets with particular focus on the disadvantaged African-American community who traditionally have been financially underserved.
This article was originally published in the February 09, 2009 print edition of The Louisiana Weekly newspaper |
