Midland Financial Co. and 1st Century Bancshares, Inc. (NASDAQ: FCTY) announced an agreement to merge yesterday after the close of markets. Under the term of agreement, 1st Century Bank, held by 1st Century Bancshares, will be merged into MidFirst Bank owned by Midland Financial. The business of 1st Century Bank will continue to operate under the 1st Century brand as a division of MidFirst Bank. Stockholders of 1st Century Bancshares will receive cash of $11.22 per share from Midland Financial.
MidFirst Bank is one of the nation’s largest privately held banks based in Oklahoma City, serving more than 600,000 customers. It has more than 50 banking centers in Oklahoma, 24 banking centers in Arizona, 3 banking centers in Denver, as well as some commercial lending offices in Atlanta, Dallas, Houston, New York and Southern California.
Headquartered in the Century City area of Los Angeles, 1st Century Bank primarily focuses the specific banking needs of entrepreneurs, professionals and small businesses with the personal service of a traditional community bank, while offering the technologies of a large money center bank. It is distinguished as the premier private bank in the Westside area of Los Angeles. As of December 31, 2015, 1st Century Bancshares had assets totaling $732 million, net loans of $589 million and deposits of $598 million.
The merger of MidFirst and 1st Century will result in a combined company with assets over $12 billion. Besides, the exceptional management team at 1st Century will give Midfirst a great opportunity to develop businesses in the Los Angeles marketplace and to step into a larger financial institution with a national presence. It is also worth noting that shares of 1st century Bancshares soared over 30% in today`s trading after the announcement, making it to be one of today`s top market mover.