- Key insight: An investor group led by Daryl Byrd, who ran Iberiabank when it was acquired by First Horizon in 2020, has reached a deal to buy a small bank in Louisiana.
- Supporting data: The new investors will own about 75% of the MC Bank.
- Forward look: Pending regulatory and shareholder approval, the deal is expected to close during the first half of 2026.
An investor group led by former Iberiabank CEO Daryl Byrd has reached an agreement to acquire a small Louisiana bank in a deal that the buyers say will bolster capital levels and position the privately held bank for future growth.
The group will make "a substantial investment" into Morgan City, Louisiana-based MC Bancshares and its subsidiary, MC Bank & Trust Co., the two parties announced Wednesday.
Byrd is on deck to become chairman and CEO of the holding company, as the investors install a new slate of C-suite leaders.
Chris LeBato, a former Iberiabank executive who's been MC's president and CEO since 2021, will shift into the role of vice chairman and chief of staff. Several other ex-Iberiabank executives will join the company, including Mark Tipton, who will be president, and Scott Price, who will serve as chief financial officer.
Pending regulatory and shareholder approval, the deal is expected to close by the end of June.
"We view this proposed partnership as an important opportunity to establish a strong platform for our longterm strategic growth," Byrd said in a press release announcing the transaction.
Byrd could not be immediately reached for an interview, but he told The Times-Picayune in New Orleans that the revamped MC Bank will focus on small and medium-size businesses in the Gulf South region, which includes Texas, Louisiana, Mississippi, Alabama and Florida. He's also interested in potential acquisitions, he said.
"We believe there's an absence in the market for a relationship-oriented commercial bank," Byrd told The Times-Picayune. "We're proud of the client-oriented focus we had at Iberia and believe we can create that magic again."
The investor group said it will retain the MC Bank name and the bank's 94 employees. MC Bank, which had $478.8 million of assets as of Sept. 30, has 10 branches, including four in the greater New Orleans market, and three more in the works. No branch closures are planned.
Post-acquisition, MC's current shareholders will own approximately 25% of the company,
Byrd racked up multiple merger-and-acquisition deals during his time as CEO of Iberiabank, a $32 billion-asset regional bank that was headquartered in Lafayette, Louisiana. In 2020, Iberiabank was
Several Iberiabank executives went to work for First Horizon, including Byrd, who served as First Horizon's executive chairman until mid-2022.
The reunion of ex-Iberiabank executives at MC will include Michael Brown, who was the chief operating officer at Iberiabank and will reprise the same role, the release said.
The list of new executives also includes Jack Deano, who was Iberiabank's chief technology officer and later worked at First Horizon, according to his LinkedIn profile. Past Iberiabank employees Ben Dupuy, Cleland Powell, Rob Worley and Tommy Westervelt will also join MC.
Dupuy was a managing director at Iberiabank, and Powell was an executive vice president at Iberiabank, according to their LinkedIn profiles. Both have worked for First Horizon.
Worley, who was Iberiabank's general counsel, is currently a partner at Jones Walker law firm, per his LinkedIn profile.
The transaction comes about a year-and-a-half after MC and Heritage NOLA Bancorp in Covington, Louisiana,
The banks had expected to finalize the transaction in late 2023, but it got pushed into 2024. In mid-2024, the two banks decided to walk away, citing heightened regulatory hurdles.
In the latest deal, Keefe, Bruyette & Woods and Performance Trust Capital Partners are co-advisors to the investor group in an equity capital offering of up to $250 million, the release said. As of Sept. 30, MC's equity capital totaled $79.8 million, according to the bank's most recent call report.
KBW is serving as financial advisor and Troutman Pepper Locke LLP as legal advisor to the investor group. Sterlington and Jones Walker are also serving as legal advisors.
Performance Trust Capital Partners is the financial advisor to MC, with Baker Donelson serving as the legal advisor, the release said.
