MBM, with approximately $700 million in assets under management, will operate as a subsidiary of Sterling Bank under the name of MBM Advisors. The MBM senior management team will remain intact and president and chief executive officer Donald R. Black, and senior vice president and chief operating officer Robert L. Burnam will continue to serve in their present roles. The transaction is anticipated to close by the end of the second quarter.
In addition to its location in Houston, MBM, founded in 1966, also has a location in Dallas. The firm specializes in the design, administration, investment management, and communication of retirement plans.
Sterling Bancshares, Inc., has total assets of $4.3 billion and operates 49 banking centers in the greater metropolitan areas of Houston, San Antonio, and Dallas, Texas.