MC Bancshares is merging with Louisiana investor group DMMS Purchaser Inc..The deal is expected to close in the first half of next year. MC Bancshares is the holding company for M C Bank & Trust Company. The DMMS investor group is led by former IBERIABANK Corp. CEO Daryl Byrd. The proposed merger, announced Dec. 17, is expected to bring a significant amount of new capital and leadership to the Morgan City, Louisiana-based bank while preserving its existing operations. All M C Bank employees will be retained, and no branch closures are planned.New York City-based Keefe, Bruyette & Woods and Chicago-based Performance Trust Capital Partners are serving as co-advisors to DMMS in an equity capital offering of up to $250 million.The $478 million M C Bank operates 10 branches across Southeast Louisiana and has three additional banking centers in the planning stages, including new locations in Covington, New Orleans and Houma. Following the merger, Byrd will serve as CEO and chair of the bank’s holding company. Current MC Bancshares board members will remain on the bank’s board, while M C Bank CEO Chris LeBato will join the executive committee as vice chair and chief of staff. Several former IBERIABANK executives are also expected to join the management team, including Mark Tipton as president, Michael Brown as chief operating officer and Scott Price as CFO.Chicago-based Performance Trust is advising M C Bank on the transaction, with legal counsel provided by Memphis-based Baker Donelson.
