Liberty Bank and Trust Company Expands Footprint Acquires Bank in Detroit, Michigan
(New Orleans, LA) - Liberty Bank and Trust Company, a Louisiana based commercial bank, announced today that it had acquired Home Federal Savings Bank located in Detroit, Michigan. This acquisition is a continuation of Liberty's rapid expansion over the past 10 years. Liberty now has financial institutions operating in seven major urban areas (New Orleans, Baton Rouge, LA – Jackson, MS – Houston, TX – Kansas City, MO – Kansas City, KS – Detroit, Michigan) and six states (Louisiana, Mississippi, Texas, Kansas, Missouri, and Michigan).
The purchase of the assets of Home Federal Savings Bank was effective at close of business Friday, November 6, 2009. The institution will open under the Liberty Bank and Trust Company banner on Monday, November 9, 2009. In assuming all of the deposits of Home Federal Savings Bank, Liberty Bank and Trust Company has purchased approximately $14.9 million of assets. The acquisition has been approved by all of the involved regulatory authorities.
Liberty Bank is headquartered in New Orleans, LA and was established in 1972. Since that time, Liberty Bank and Trust company has grown from an initial asset base of two million dollars ($2 million) to four hundred twenty million dollars ($420 million). Liberty Bank and Trust Company is one of the most profitable in the United States and ranks among the top 5 African-American owned financial institutions in the United States.
In making the announcement about the Detroit, Michigan bank acquisition, Liberty Bank and Trust Company's President and CEO, Alden J. McDonald, Jr. said, "The expansion of our banking network to Detroit is a significant benchmark in our development. We want to broaden our reach and to provide our services to a larger audience. We saw the need to have a diverse and expansive portfolio and geographical reach. This acquisition is another step to be more aggressive on a national stage".
The two Home Federal Savings Bank locations have been transferred to Liberty Bank and Trust Company. "Normal banking operation for Home Federal Savings Bank customers will continue uninterrupted," said Liberty Bank President Alden J. McDonald, Jr. "We will be open for business and will be able to conduct all transactions for our new customers." Liberty Bank and Trust Company offers full banking services and has been an industry leader in mortgage lending and financial products geared to enhance the financial well being of its customer base.More News »