MORGAN CITY – M C Bancshares (“MCBI”), the holding company for M C Bank & Trust Company (collectively, “M C Bank”), has announced that the company has agreed to a merger with DMMS Purchaser, Inc. (“DMMS”), an investor group led by Daryl Byrd, former CEO of IBERIABANK Corp.
The transaction brings together M C Bank and DMMS with a shared focus on customer service, operational continuity and long-term growth, with the goal of building a regional banking franchise.
Transaction Overview and M C Bank Operations
M C Bank first opened in 1955 in Morgan City, Louisiana, and currently operates 10 locations across Southeast Louisiana, with three additional banking centers 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 offers a range of personal and commercial banking services, including treasury management. Upon closing, the combined company will continue to operate as M C Bank.
“The combination of our associates and the DMMS team brings together complementary experience and leadership that positions the bank for its next phase of growth,” said Chris LeBato. LeBato joined M C Bank in 2021 as chief executive officer and was previously with IBERIABANK for 10 years.
“We look 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 believe this partnership supports the long-term interests of our shareholders, clients, communities and associates.”
All M C Bank associates will be retained, and no banking centers will close as a result of the transaction. The agreement is subject to regulatory and shareholder approval, which is anticipated to occur during the first half of 2026.
“We view this proposed partnership as an opportunity to establish a strong platform for long-term strategic growth,” Byrd said. “M C Bank has a long history of serving its communities and clients, and its leadership team has built a solid operational foundation.”
Leadership Structure and Investment Details
Following the merger, Byrd will serve as chief executive officer and chairman of the bank’s holding company. MCBI board members will remain on the bank’s board of directors, and Chris LeBato will serve on the executive committee as vice chairman and chief of staff. Additional former IBERIABANK executives will join MC Bank, including Mark Tipton as president, Michael Brown as chief operating officer, and Scott Price as chief financial officer. Other former IBERIABANK executives expected to join the DMMS team include Jack Deano, Ben Dupuy, Cleland Powell, Rob Worley and Tommy Westervelt.
Under the private agreement, DMMS will make a significant investment in M C Bank alongside existing holding company investors. The investment is intended to strengthen the bank’s capital position and support future growth while maintaining its relationship-focused banking approach.
The transaction is intended to support continued service to clients, associates and shareholders. During Byrd’s tenure at IBERIABANK, the company achieved a total shareholder return of 1,051% between 2000 and 2016, ranking among the top quartile of performers during that period.
Keefe, Bruyette & Woods, a Stifel Company (“KBW”), and Performance Trust Capital Partners, LLC (“PT”) are serving as co-advisors to DMMS in an equity capital offering of up to $250 million. KBW is serving as financial advisor and Troutman Pepper Locke LLP as legal advisor to DMMS in the merger transaction. Sterlington PLLC and Jones Walker LLP are also serving as legal advisors to DMMS. PT is serving as financial advisor and Baker Donelson as legal advisor to M C Bank in the merger transaction. A fairness opinion was provided to M C Bank by National Capital, LLC.
This press release is not intended to and shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote of approval.
About M C Bank
M C Bancshares, Inc. is the holding company for M C Bank & Trust Company, a Louisiana-chartered state bank. M C Bank first opened its doors in 1955 in Morgan City, Louisiana. On April 1, 1991, MC Bancshares was formed as a one-bank holding company, with its sole subsidiary being Morgan City Bank & Trust Company.
Simultaneous with the merger of the bank into the holding company, the bank’s name changed to M C Bank & Trust Company. The bank’s headquarters are in Morgan City, and it operates 10 banking centers and offices across Southeast Louisiana. Guided by its commitment to the hometown spirit, M C Bank’s mission is to offer a human-centered approach to banking solutions and strengthen the communities they serve. Member FDIC. Equal Housing Lender. To learn more, visit www.mcbt.com.