Amerant Bancorp Inc. Files 8-K: Material Agreement

Ticker: AMTB · Form: 8-K · Filed: Apr 17, 2024 · CIK: 1734342

Amerant Bancorp INC. 8-K Filing Summary
FieldDetail
CompanyAmerant Bancorp INC. (AMTB)
Form Type8-K
Filed DateApr 17, 2024
Risk Levelmedium
Pages4
Reading Time5 min
Key Dollar Amounts$576.0 million, $529.0 m, $13.0 million, $9.25 m
Sentimentneutral

Sentiment: neutral

Topics: material-agreement, 8-K, disclosure

Related Tickers: AMTB

TL;DR

AMTB filed an 8-K for a material definitive agreement - big news coming.

AI Summary

Amerant Bancorp Inc. announced on April 16, 2024, that it entered into a material definitive agreement. The company also disclosed information related to Regulation FD and other events, including financial statements and exhibits. This filing is a current report under Section 13 or 15(d) of the Securities Exchange Act of 1934.

Why It Matters

This filing indicates a significant new agreement for Amerant Bancorp Inc., which could impact its business operations and financial performance.

Risk Assessment

Risk Level: medium — Material definitive agreements can introduce new risks or opportunities that may affect the company's financial health and stock performance.

Key Players & Entities

FAQ

What is the nature of the material definitive agreement Amerant Bancorp Inc. entered into?

The filing does not specify the details of the material definitive agreement, only that one was entered into on April 16, 2024.

When was the earliest event reported in this 8-K filing?

The earliest event reported was on April 16, 2024.

What is Amerant Bancorp Inc.'s state of incorporation?

Amerant Bancorp Inc. is incorporated in Florida.

What is the company's principal executive office address?

The principal executive offices are located at 220 Alhambra Circle, Coral Gables, Florida 33134.

What was Amerant Bancorp Inc.'s former company name?

The former company name was Mercantil Bank Holding Corp.

Filing Stats: 1,134 words · 5 min read · ~4 pages · Grade level 12.1 · Accepted 2024-04-17 17:01:21

Key Financial Figures

Filing Documents

01. Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement. On April 16, 2024, Amerant Bank, N.A. (the "Bank"), a wholly-owned subsidiary of Amerant Bancorp Inc. (the "Company"), entered into a Purchase and Assumption Agreement (the "Purchase Agreement") with MidFirst Bank ("MidFirst") pursuant to which MidFirst will purchase certain assets and assume certain liabilities (the "Transaction") of the banking operations and six branches in the Houston, Texas metropolitan statistical area (collectively, the "Branches"). Pursuant to the terms of the Purchase Agreement, MidFirst has agreed to assume certain deposit liabilities and to acquire certain loans, as well as cash, real property, personal property and other fixed assets associated with the Branches. The deposit and loan balances are approximately $576.0 million and $529.0 million, respectively. The purchase price for the purchased assets will be computed as the sum of: (a) $13.0 million (the "Deposit Premium"), provided that, if the balance of non-interest checking deposits included in deposits or the total balance of deposits (excluding insured cash sweep deposits) decrease by more than 15% between March 13, 2024 and the closing date, then the Deposit Premium shall be equal to the sum of (i) 9.50% of the average daily balance of non-interest checking deposits included in deposits, (ii) 1.85% of the average daily balance of deposits other than non-interest checking deposits, insured cash sweep deposits and time deposits included in deposits, (iii) 0.25% of the average daily balance of insured cash sweep deposits included in Deposits, and (iv) 0.50% of the average daily balance of time deposits included in deposits, with the average daily balance in each case being for the 30-day period ending on the fifth business day prior to closing, provided further, that the Deposit Premium shall in no event be lower than $9.25 million, (b) the aggregate amount of cash on hand as of the closing date, (c) the aggregate net book

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure The Company will host a conference call at 5:30 p.m., Eastern Time on Wednesday, April 17, 2024 relating to the Transaction. A copy of the slide presentation that will be made available in connection with the conference call, and incorporated herein by reference, is attached as Exhibit 99.1 to this Current Report on Form 8-K. In accordance with General Instruction B.2 of Form 8-K, the information in this Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as shall be expressly set forth by specific reference in such a filing.

01 Other Information

Item 8.01 Other Information On April 17, 2024, the Company issued a press release announcing the Transaction. A copy of the press release is filed herewith as Exhibit 99.2 to this Current Report on Form 8-K.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits Number Exhibit 99.1 Investor Presentation, dated April 17, 2024 99.2 Press Release of Amerant Bancorp Inc., dated April 17, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: April 17, 2024 Amerant Bancorp Inc. By: /s/ Julio V. Pena Name: Julio V. Pena Title: Senior Vice President, Securities Counsel and Corporate Secretary

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