Business First Bancshares, Inc. Secures Merger Approval
Business First Bancshares, Inc. (Business First) (Nasdaq: BFST) has successfully obtained all the necessary regulatory approvals to move forward with its merger with Oakwood Bancshares, Inc. (Oakwood), the holding company for Oakwood Bank, a Texas banking association. This milestone comes after Oakwood's shareholders recently voted in favor of the merger.
Leadership Perspectives
Jude Melville, who serves as the chairman, president, and CEO of Business First and its subsidiary b1BANK, expressed his appreciation for the regulatory partners' swift review of the merger. "The support from Oakwood's shareholders is incredibly encouraging," Melville remarked. "We are excited about the long-term possibilities this partnership brings and look forward to expanding our presence in the Dallas-Fort Worth market together."
Financial Impact of the Merger
Once the merger is finalized, b1BANK is anticipated to see its total assets grow to around $7.6 billion, with consolidated loans exceeding $5.9 billion. This merger will broaden b1BANK's reach by adding four full-service banking centers in the dynamic Dallas-Fort Worth area, along with branches in Snyder and Oakwood, Texas. Importantly, Roy J. Salley, the chairman and CEO of Oakwood Bank, will assume the position of regional chairman in the Dallas area, providing strong leadership during the integration of both entities.
Completion Timeline
The merger is projected to be completed on October 1, 2024, provided that all standard closing conditions are satisfied. Financial advisory services were provided by Raymond James & Associates, Inc. for Business First, while Stephens Inc. served in the same capacity for Oakwood. Legal support was offered 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, boasting assets totaling $6.7 billion. Additionally, it manages $6.1 billion in assets through its affiliate, Smith Shellnut Wilson, LLC. b1BANK has a broad operational footprint covering markets in Louisiana and key areas in Dallas and Houston, Texas, offering a diverse array of banking products and services designed for both commercial and personal needs.
Recognized by Forbes and Statista, b1BANK has earned the title of #1 Best-In-State Bank in Louisiana and is honored as one of American Banker’s “Best Banks to Work For,” highlighting its dedication to exceptional customer service and employee satisfaction.
Frequently Asked Questions
1. What does the merger between Business First and Oakwood involve?
The merger will integrate the operations of both companies, significantly increasing total assets and expanding their banking presence into new markets.
2. When is the merger expected to be finalized?
The anticipated completion date for the merger is October 1, 2024, pending the fulfillment of standard closing conditions.
3. How will this merger impact current customers?
Customers can look forward to a broader range of services and improved banking facilities as b1BANK incorporates Oakwood's resources and locations.
4. Who will lead the newly combined organization?
Jude Melville will remain as CEO, while Roy J. Salley will join as regional chairman, bringing his expertise to the Dallas market.
5. Where can I find additional information about Business First?
For more details, you can visit b1BANK.com or reach out to their corporate office directly.
