MidFirst Bank in Oklahoma City has agreed to buy a specialty lender in Atlanta.
Presidential Financial announced Wednesday that it will be acquired by MidFirst Bank, one of the largest privately held banks in the country. Financial terms of the deal were not disclosed.
Presidential provides working capital lines of credit to healthcare and other commercial clients. It will operate as a subsidiary of the $9.9 billion-asset MidFirst and retain its own brand and management team.
Presidential is owned by institutional investors and members of its executive team. The largest single investor is the Harbert Private Equity Fund II, operated by Harbert Management Corp., an investment manager based in Birmingham, Ala., according to Presidential’s website.
"Our acquisition of Presidential aligns us with an experienced management team that has a 30-year track record of providing specialized financing solutions to their clients," Jeff Records, the chairman and chief executive of MidFirst, said in a news release.
The deal is subject to regulatory approval and Presidential expects it to close in early 2013.