Liberty Bank and Trust Company and its parent holding company, Liberty Financial Services, Inc. (collectively, “Liberty”) and Tri-State Bank of Memphis (“Tri-State”) today jointly announced their agreement whereby Tri-State Bank of Memphis will be acquired by Liberty Bank and Trust Company in an all-cash transaction. Both Liberty and Tri-State are Minority Depository Institutions as defined by the Federal Deposit Insurance Corporation.

The acquisition represents a partnership between two minority-owned banks that will continue the legacy and mission of Tri-State Bank in the Memphis market. This mission – of providing affordable financial products and services to the underserved – is fundamentally a vital aspect of Liberty Bank’s history and commitment to its extensive footprint. Liberty Bank operates in nine states and the acquisition will enhance the Bank’s ability to serve the inherently strong Memphis community.

With the proposed transaction, Liberty will enter the Memphis, Tennessee market and will have approximately $965 million in assets and offices in 12 cities on a pro forma basis.

Alden McDonald, President and Chief Executive Officer of Liberty said, “Memphis is extremely rich in history, and we are proud to continue servicing the Community. Both Tri-State and our Board have a history of serving the underbanked, and this merger offers more financial access, products, banking technology, and enhanced capacity for lending. We are excited and focused on continuing to service the people of Memphis with an expanded suite of financial services – including a more robust mortgage product and a variety of personal and commercial banking options. This is a great time for Minority Deposit Institutions, and we are honored to join the Memphis Community!”

Archie Willis, Chairman of Tri-State said, “Combining with Liberty, an extremely well-run institution that shares our culture, will enhance our ability to serve our customers and uphold our mission. This transaction is compelling for all of Tri-State’s stakeholders including customers, employees, shareholders and our community.”

The transaction has been approved by the Boards of Directors of both companies but remains subject to Tri-State Bank of Memphis’ shareholder approval and customary regulatory approvals. The transaction is expected to close before the end of 2021.