OKLAHOMA CITY and LOS ANGELES, July 1,
2016 /PRNewswire/ -- Midland Financial Co. ("Midland"), the
holding company for MidFirst Bank, announced the completion of the
acquisition of 1st Century Bancshares, Inc. (NASDAQ: FCTY) ("1st
Century"), the former holding company for 1st Century Bank.
Following the acquisition, Midland will continue to operate the 1st
Century Bank brand as a division of MidFirst Bank and all of 1st
Century Bank's West Los Angeles
offices will remain in operation.
"This merger provides us a strong presence in Los Angeles, and aligns us with an experienced
and respected team of bankers who share the same exceptional
commitment to service that has been vital to our success," said
Jeff Records, MidFirst Bank
President and Chief Executive Officer. "The entire MidFirst Bank
team is looking forward to partnering with 1st Century Bank to
pursue a shared vision for long-term growth in the Los Angeles market."
Alan Rothenberg, former Chairman
of 1st Century and current Chairman of 1st Century Bank, a division
of MidFirst Bank said, "MidFirst Bank is a great partner for us and
will provide the financial strength and additional resources needed
to continue growing the 1st Century Bank brand. With the support of
MidFirst Bank, we are well positioned to become the preferred bank
in the West Los Angeles market in
the years ahead."
Jason DiNapoli, former Chief
Operating Officer of 1st Century and current President and Chief
Executive Officer of 1st Century Bank, a division of MidFirst Bank,
added, "As a result of the merger, 1st Century Bank will be able to
offer our clients a broader selection of products and services and
a larger borrowing capacity. Best of all, our customers can expect
the same superior level of service provided by the same
relationship management teams they have come to trust as valued
partners in their business. By combining the resources of a larger
bank with the high-touch service that made 1st Century Bank one of
the fastest growing banks in West Los
Angeles over the past decade, we will significantly enhance
the banking experience we provide to our customers."
Pursuant to the merger agreement, each share of common stock of
1st Century Bancshares that was outstanding immediately prior
to the effective time was converted into the right to receive
$11.22 in cash, without interest,
less any applicable withholding or transfer taxes.
Advisors
MidFirst Bank was advised in this transaction
by Macquarie Capital as financial advisor and Covington &
Burling LLP as legal counsel. 1st Century was advised in this
transaction by Sandler O'Neill & Partners, LP as financial
advisor and by Sullivan & Cromwell LLP and Richards, Layton
& Finger, P.A. as legal counsel.
About MidFirst Bank
Headquartered in Oklahoma City, MidFirst Bank is one of the
nation's largest privately held banks, serving more than 625,000
customers as of March 31, 2016. The
merger of MidFirst Bank and 1st Century Bank will result in a
combined company with assets of more than $12 billion. MidFirst Bank has received IDC's
highest possible bank safety rating for 24 consecutive quarters,
placing it in the top five percent of all U.S. financial
institutions. MidFirst Bank has 80 full-service banking centers in
Oklahoma, Arizona and Colorado, and commercial lending offices in
Atlanta, Chicago, Dallas, Houston, New
York and Southern
California. MidFirst Bank maintains a website at
www.midfirst.com.
About 1st Century Bank, a Division of MidFirst
Bank
1st Century Bank, a division of MidFirst Bank, is
headquartered in the Century City
area of Los Angeles, California,
with a full service business banking center in Century City, and relationship offices in
Santa Monica and Beverly Hills. 1st Century Bank's primary
focus is serving the specific banking needs of entrepreneurs,
professionals and small businesses with the personal service of a
traditional community bank. 1st Century Bank maintains a website at
www.1cbank.com.
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SOURCE MidFirst Bank