Presidential Financial Corporation Announces Final Acquisition by MidFirst Bank
ATLANTA--(BUSINESS WIRE)--Presidential Financial Corporation, Atlanta-based senior lender providing growth capital to businesses and healthcare providers nationwide, has become a wholly owned subsidiary of MidFirst Bank, headquartered in Oklahoma City and one of the nation’s largest privately held banks.
Announcement of the acquisition by MidFirst Bank was made jointly by Tom Matthesen, president of Presidential Financial; and Jeff Records, chairman and CEO of MidFirst Bank.
Both executives stressed that the acquisition will afford Presidential Financial access to a significantly larger capital base and allow it to offer current and prospective customers a more diverse product mix.
According to Tom Matthesen, as a result of the transaction, “Presidential becomes one of the strongest and most versatile lenders in the markets it serves.”
With the acquisition, Presidential Financial will operate as a subsidiary of MidFirst Bank and maintain its own brand and management. In addition, it will retain its name, its current personnel and will maintain its headquarters and operations in Atlanta. The company will continue to focus on growing businesses with strong management teams and typically offers working capital facilities from $1 million to $5 million.
For MidFirst Bank, the acquisition will enable it to offer additional services and greater flexibility to its clients. MidFirst Bank is one of the nation’s largest privately held banks and serves approximately 700,000 customers nationwide.
Following the transaction, Jeff Records, chairman and chief executive officer of MidFirst Bank said, “Our companies’ lines of business are highly complementary, creating immediate opportunities and value for MidFirst Bank and Presidential Financial.”