MC Bancshares announces merger with investor group

MC Bancshares, the holding company for M C Bank & Trust Co. announced Wednesday that the company has agreed to a merger with DMMS Purchaser Inc., an investor group led by Daryl Byrd, former CEO of IBERIABANK Corp.

This transaction will be a partnership grounded in exemplary customer service and a collaborative, team-focused culture, with expectations of transforming into a meaningful regional banking franchise, M C Bancshares said in a news release.

M C Bank first opened its doors in 1955 in Morgan City and currently operates 10 locations across Southeast Louisiana. Three new banking centers are in the final planning phase, including a second location in Covington and new banking centers in Uptown New Orleans and on West Main in Houma. “The bank has become a trusted partner for individuals and businesses alike, offering a full range of personal and commercial banking services, including treasury management and growth solutions. Upon closing, the combined company will build on this history by continuing to operate as M C Bank,” the company said in its news release.

“The combination of our associates and the DMMS team creates a powerful alignment of talent, experience and vision that will propel the bank forward in ways only true collaboration can,” said Chris LeBato. LeBato joined M C Bank in the summer of 2021 as CEO and was previously with IBERIABANK for 10 years.

“We are looking forward to welcoming the DMMS team to M C Bank once regulatory and shareholder approvals are met,” said Kenny Nelkin, chairman of the board for M C Bank. “We know this partnership is poised to be great for our shareholders, clients, communities and associates.”

All M C Bank associates will be retained, and no banking centers will close as a result of this transaction. This agreement is subject to regulatory and shareholder approval, which is anticipated to take place within the first half of 2026.

“We view this proposed partnership as an important opportunity to establish a strong platform for our long-term strategic growth. M C Bank has a distinguished history of serving its communities and clients with integrity and consistency,” said Byrd.

“Its leadership has built an exceptional team, and we look forward to working alongside them and supporting their continued success for decades to come.”

With the merger, Byrd will serve as chief executive officer and chairman of the bank’s holding company. The MCBI board members will remain on the bank’s board of directors following the merger, and LeBato will serve on the executive committee as vice chairman and chief of staff.

Additional former IBERIABANK executives will join the M C Bank team, including Mark Tipton, who will serve as the president, Michael Brown, serving as chief operating officer, and Scott Price, who will be the chief financial officer. Other IBERIABANK leaders expected to join the DMMS team include Jack Deano, Ben Dupuy, Cleland Powell, Rob Worley and Tommy Westervelt.

DMMS is making a substantial investment into M C Bank alongside legacy holding company investors. The infusion will bolster the bank’s capital and ignite significant growth opportunities, while continuing a disciplined, relationship-focused approach to banking, MC Bancshares said.

"The intent is to deliver a first-class experience to all key constituents, including clients, current and future associates, and shareholders. Under Byrd’s prior leadership, IBERIABANK’s total return to shareholders between 2000 and 2016 was 1,051%, which ranked among the top quartile of performers during that period. Byrd and his team bring a proven history and sense of confidence in creating future positive returns at M C Bank.”

Keefe, Bruyette & Woods, a Stifel Company, and Performance Trust Capital Partners LLC are serving as co-advisors to DMMS in an equity capital offering of up to $250 million. KBW is serving as financial adviser and Troutman Pepper Locke LLP as legal adviser to DMMS in the merger transaction.

Sterlington PLLC and Jones Walker LLP are also serving as legal advisers to DMMS. PT is serving as financial advisor and Baker Donelson as legal adviser to M C Bank in the merger transaction. A fairness opinion was provided to M C Bank by National Capital, LLC.