KEY TAKEAWAYS: Investor group raised more than $225 million from over 550 investors Former IBERIABANK executives completed merger with MC Bancshares MCBANK plans expansion into Atlanta and Baton Rouge markets Regulators approved merger earlier this year, including the Federal Reserve   An investor group led by former executives of IBERIABANK has completed its merger with MC Bancshares Inc., positioning M C Bank Trust Company for expansion across the Southeast following a capital raise that exceeded $225 million. The transaction combines Morgan City-based MCBANK with DMMS Purchaser Inc., a merger vehicle led by former IBERIABANK CEO Daryl Byrd and former executives Mark Tipton, Michael Brown and Scott Price. Following the merger, the surviving company will operate as MC Bancshares Inc., while the bank will continue using the MCBANK name. The investor group said it raised more than $225 million from over 550 investors, surpassing its initial $175 million target. Company officials described the fundraising effort as one of the largest “friends-and-family” capital raises completed for a bank. “This response has been humbling,” Byrd, who will serve as chairman and CEO of the combined company, said in a statement. “The depth and breadth of support we saw in such a short period of time reflects the confidence investors – many of whom are expected to also be future clients – have in our team, our strategy, and the opportunity we see to build a meaningful regional banking franchise.” Regulators approved the merger earlier this year, including the Louisiana Office of Financial Institutions on March 19 and the Federal Reserve Board on April 15. Founded in 1955 and headquartered in Morgan City, MCBANK currently serves markets including New Orleans, Houma, Lafayette and the Northshore region. Bank leaders said the new capital infusion will support expansion into Atlanta and Baton Rouge immediately following the merger. The deal reunites several former IBERIABANK executives who led the Lafayette-based bank through years of growth before its sale to First Horizon Corp. Byrd said the new institution plans to focus on relationship banking while expanding its regional footprint. “We look forward to bringing our teams together to deliver enhanced value and expanded capabilities for the clients and communities we are privileged to serve,” Byrd said. Current MCBANK CEO Chris LeBato will remain with the organization as vice chairman, managing director and chief of staff. The combined company’s board will include several prominent business and banking leaders, including Angus R. Cooper II, William H. Fenstermaker and former Capital One commercial banking president Michael C. Slocum. Financial advisory firms Keefe Bruyette Woods and Performance Trust Capital Partners advised on the transaction and equity offering. Thomas Michaud, CEO of Keefe Bruyette Woods, called the level of investor participation “a powerful vote of confidence in the strength of regional banking.” ...read more read less