Midland Financial Co., the holding company for MidFirst Bank, announced the completion of the acquisition of 1st Century Bancshares, Inc. (“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 1’st 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.