Business First and Oakwood Bancshares Merger Approved
![Business First and Oakwood Bancshares Merger Approved](https://investorshangout.com/images/blog/ihnews-Business%20First%20and%20Oakwood%20Bancshares%20Merger%20Approved.jpg)
Business First Bancshares, Inc. Receives Merger Approval
Business First Bancshares, Inc. (Business First) (Nasdaq: BFST) has successfully secured all necessary regulatory approvals to proceed with its merger with Oakwood Bancshares, Inc. (Oakwood), which is the holding company for Oakwood Bank, a Texas banking association. This development follows the approval by Oakwood’s shareholders on their recent vote to endorse the merger.
Leadership Insights
Jude Melville, the chairman, president, and CEO of Business First and its subsidiary b1BANK, expressed gratitude towards regulatory partners for their prompt review of the merger. "The affirmation from Oakwood's shareholders is tremendously motivating," Melville noted. "We are enthusiastic about the long-term potential of this partnership and are eager to extend our influence within the Dallas-Fort Worth market together."
Financial Implications of the Merger
Following the merger's completion, b1BANK is projected to see its total assets rise to approximately $7.6 billion, along with consolidated loans amounting to over $5.9 billion. This merger will enhance b1BANK's reach by adding four full-service banking centers in the vibrant Dallas-Fort Worth area, as well as branches in Snyder and Oakwood, Texas. Notably, Roy J. Salley, the chairman and CEO of Oakwood Bank, is set to take on the role of regional chairman in the Dallas region, providing strong leadership as both entities merge.
Timeline for Completion
The merger is expected to finalize on October 1, 2024, contingent on meeting standard closing conditions. Financial advisory roles were played by Raymond James & Associates, Inc. for Business First and Stephens Inc. for Oakwood, while legal counsel was provided by Hunton Andrews Kurth LLP and Norton Rose Fulbright US, LLP respectively.
About Business First Bancshares, Inc.
As of mid-2024, Business First Bancshares, Inc. operates through b1BANK and boasts assets totaling $6.7 billion. Additionally, it has $6.1 billion in assets under management via its affiliate, Smith Shellnut Wilson, LLC. b1BANK's expansive operations cover markets in Louisiana along with key areas in Dallas and Houston, Texas, showcasing a diverse range of banking products and services tailored for commercial and personal use.
Recognized by Forbes and Statista, b1BANK has been awarded the title of #1 Best-In-State Bank in Louisiana and is celebrated for being one of American Banker’s “Best Banks to Work For,” underscoring its commitment to both customer service and employee satisfaction.
Frequently Asked Questions
1. What does the merger between Business First and Oakwood entail?
The merger will combine the operations of both companies, significantly increasing the total assets and expanding the banking footprint into new markets.
2. When is the merger expected to complete?
The expected completion date for the merger is October 1, 2024, pending the satisfaction of customary closing conditions.
3. How will this merger affect existing customers?
Customers can expect an expanded range of services and enhanced banking facilities, as b1BANK integrates Oakwood's resources and locations.
4. Who will be leading the new combined entity?
Jude Melville will continue as CEO, with Roy J. Salley joining as regional chairman, lending his experience to the Dallas market.
5. Where can I find more information about Business First?
For more information, you can visit b1BANK.com or contact their corporate office directly.
About Investors Hangout
Investors Hangout is a leading online stock forum for financial discussion and learning, offering a wide range of free tools and resources. It draws in traders of all levels, who exchange market knowledge, investigate trading tactics, and keep an eye on industry developments in real time. Featuring financial articles, stock message boards, quotes, charts, company profiles, and live news updates. Through cooperative learning and a wealth of informational resources, it helps users from novices creating their first portfolios to experts honing their techniques. Join Investors Hangout today: https://investorshangout.com/
Related Articles
- Tom Lee Predicts Stock Market Potential Pullback and Recovery
- Investigation Urged into Shein and Temu by US Officials
- Yen and Dollar Steady as Markets Brace for Job Data Insights
- Norway's Wealth Fund Shifts Ethics Standards Amid Gaza Conflict
- Snap Aims to Boost Advertising and Augmented Reality Growth
- U.S.-Saudi Business Council Appoints Charles Hallab as CEO
- Highland Opportunities and Income Fund Monthly Distribution Update
- District Cooling Market Growth Driven by Urbanization and AI
- Restaurant Brands International Inc. Announces Notes Offering Details
- Palatants Market Growth Driven by Pet Ownership and AI Trends
- Curbio Appoints Jeff Sim as CFO to Drive Growth and Innovation
- Insights on Walmart, Merck, and Nike Post-Earnings Review
- Kensington Asset Management Launches First ETF for Income Generation
- Lupin Protein Market Growth Driven by Health Trends and AI
- Warner Bros. and Trailer Park Group Launch Beetlejuice App
- US Outdoor Landscape Lighting Market Growth Insights and Trends
- Healthcare Testing, Inspection, and Certification Market Growth
- Market Dynamics: Micron, Arm, and ASML Face Challenges
- Ascendis Pharma's Q2 2024 Financial Overview and Milestones
- Skookum and Skils'kin Merge to Propel Growth and Inclusion
- Monkee's of The Woodlands Grand Opening Celebration Tomorrow
- Protect Pharmaceutical Corp. Terminates KARINCA Logistics Merger
- Rob Conti Elevated to CIO of First Watch Restaurant Group
- BrightSpring Health Services Expands Hospice Care Across Florida
- Vision Sensing Corp. Extends Business Combination Deadline
Recent Articles
- Investigation of TeraWulf Inc. Amid Allegations of Fraud
- Market Updates: Insights on Recent US Stock Trends
- Investigation into Bumble Inc. by Pomerantz Law Firm - BMBL
- Investigation Launched into WisdomTree, Inc. - WT Investors
- US Justice Department Probes Nvidia Antitrust Practices
- Warner Bros. and Trailer Park Group Launch Beetlejuice App
- TransAlta Declares New Dividend Rates for Preferred Shares
- Board Changes at Colabor Group Inc. Announced Today
- ONEOK to Engage at Barclays CEO Energy-Power Conference
- ADLM Enhances Patient Care Through New Lipid Testing Guidelines
- Centerspace Declares Dividend and Announces Share Updates
- Corporate Borrowers Tackle Bond Market Ahead of Fed Decision
- Market Insights: Key Economic Reports to Watch This Week
- Intel Stock Hits a Low as Economic Concerns Mount
- Royce Small-Cap Trust, Inc. Announces $0.28 Distribution per Share
- Advancements in Cancer Detection Through Space Experiments
- NevGold Secures C$3.5 Million in Convertible Securities Financing
- Impact of Boeing's Downgrade on GE Aerospace Stock Today
- Haloid Radios Launches Green Friendly Certification for Sustainability
- American Institutes for Research Takes Charge of OPTN Upgrade
- GWM Showcases Global Expansion at Chengdu Motor Show 2024
- HEI Civil's Charity Golf Tournament Strengthens Community Bonds
- U.S. Construction Spending Decline Shows Housing Market Struggles
- Nexity Monthly Update on Voting Rights and Share Capital
- BJ's Restaurants Welcomes Lyle D. Tick as New President