Companies say Fed has approved MC Bank &Trust-DMMS merger

DMMS Purchaser Inc. and MC Bancshares, Inc., the holding company for M C Bank & Trust Co., jointly announced that the Board of Governors of the Federal Reserve System has granted
regulatory approval of the proposed merger between the two companies.
This approval represents an important milestone in the transaction, and the companies confirm that all
conditions necessary for closing, including a significant capital raise, have been satisfied, the banks said in a press release.
The companies currently expect the merger to occur on or about May 1. The Federal
Reserve’s approval follows receipt of all other required regulatory clearances and represents the final major regulatory hurdle to completion of the transaction.
As previously announced, MC Bancshares has agreed to merge with DMMS Purchaser Inc., a group of investors and “experienced banking executives who see significant opportunity to grow the Southeast Louisiana-based institution,” the companies said.
The combination will establish M C Bank as a stronger, more competitive financial institution well-positioned to serve customers, communities, and shareholders across its markets, they said. The markets M C Bank currently serves include Morgan City, New Orleans, Houma, Lafayette and the
Northshore. Immediately upon the merger, the bank’s markets will grow to also include
Atlanta and Baton Rouge.
“We are extremely pleased to receive the Federal Reserve’s approval of this merger,” said
Daryl Byrd, CEO of DMMS. “This approval reflects the strength and soundness of our proposed organization and the compelling strategic rationale behind our business plan.
“We are on track to close on or about May 1, and we look forward to bringing our teams together to deliver enhanced value and expanded capabilities for the customers and communities we are privileged to serve.”
“This is a momentous day for M C Bank and for our shareholders, associates, and customers,” said Kenny Nelkin, chairman of the board of M C Bank. “Receiving the Federal
Reserve’s approval confirms what we have believed from the beginning — that this merger is in the best interests of everyone we serve.”
“We are confident in the opportunities ahead and remain committed to a seamless
transition,” said Chris LeBato, CEO of M C Bank. “Together, we are building a stronger, more scalable organization while preserving the relationship-driven culture that defines us.”
Additional information regarding the merger will be shared as it becomes available.
Shareholders and other interested parties are encouraged to review filings made with applicable regulatory authorities for further details.
DMMS Purchaser Inc. is a newly formed acquisition vehicle and a wholly owned subsidiary of DMMS Holdings LLC, which is led by Daryl Byrd, former CEO of IberiaBank Corp., together with a senior team of banking executives.
MC Bancshares, Inc. is the holding company for M C Bank & Trust Co. , a Louisiana-
chartered state bank. M C Bank first opened its doors in 1955 in Morgan City. On April 1, 1991, MC Bancshares, Inc. was formed as a one-bank holding company.
Simultaneously with the formation of the holding company, the bank's name changed to M
C Bank & Trust Co.
The bank's headquarters are in Morgan City, and it operates ten
banking centers and offices across Southeast Louisiana.