Investor Group Led by Daryl Byrd Set to Acquire MC Bank
An investor group led by Daryl Byrd, former CEO of Iberiabank, has reached an agreement to acquire MC Bancshares, a small bank based in Morgan City, Louisiana. Known for his successful tenure as CEO of the $32 billion-asset regional bank, Byrd was at the helm when Iberiabank was acquired by First Horizon in 2020. This new venture marks his return to the banking industry, this time as chairman and CEO of MC Bancshares and its subsidiary, MC Bank & Trust Co.
Building a Platform for Future Growth
The investor group, in which Byrd is a key player, is set to make a substantial investment in MC Bancshares. The group’s intention is to bolster capital levels and strategically position the privately held bank for future growth. The transaction is expected to close by the end of June 2026, subject to regulatory and shareholder approval.
Assembling a Strong Leadership Team
Alongside Byrd, the new leadership team will comprise several ex-Iberiabank executives. Chris LeBato, MC’s president and CEO since 2021, will become vice chairman and chief of staff. Other familiar faces from Iberiabank include Mark Tipton, who will step in as president, and Scott Price, who will serve as the chief financial officer.
Several Iberiabank executives joined First Horizon post-acquisition, including Byrd himself, who served as First Horizon’s executive chairman until mid-2022. The reassembly of these executives at MC Bank marks a significant reunion and a strategic move to leverage their combined expertise.
A Focus on Small and Medium Businesses
According to Byrd, the newly revamped MC Bank will primarily focus on small and medium-sized businesses in the Gulf South region, spanning Texas, Louisiana, Mississippi, Alabama, and Florida. Byrd also expressed interest in potential acquisitions, signalling a forward-thinking approach to the bank’s growth.
“We believe there’s an absence in the market for a relationship-oriented commercial bank,” Byrd told The Times-Picayune. “We’re proud of the client-oriented focus we had at Iberia and believe we can create that magic again.”
What’s Next for MC Bank?
Post-acquisition, MC’s current shareholders will own approximately 25% of the company. The bank, which had $478.8 million of assets as of Sept. 30, has ten branches, including four in the greater New Orleans market, and three more in the pipeline. There are no plans for branch closures.
The previous year saw MC and Heritage NOLA Bancorp in Covington, Louisiana, call off plans for MC’s $6.5 million acquisition of Heritage due to heightened regulatory hurdles.
As this new deal takes shape, Keefe, Bruyette & Woods and Performance Trust Capital Partners are co-advisors to the investor group in an equity capital offering of up to $250 million. As of Sept. 30, MC’s equity capital totaled $79.8 million, indicating a significant investment from the investor group.
This acquisition represents an exciting time for MC Bank and signals a bold move toward a future of sustainable growth and strategic expansion under the leadership of Daryl Byrd and his team.
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