Business First Bancshares, Inc. Completes Strategic Acquisition
Business First Bancshares, Inc. (BFST), the parent company of b1BANK, has successfully finalized the acquisition of Oakwood Bancshares, Inc., marking a significant milestone in the company's growth strategy.
Enhancing Service Offerings
This acquisition is poised to enhance the banking experience for clients in the Dallas-Fort Worth area. According to Jude Melville, the chairman, president, and CEO, both banks have supported local businesses for years. The new collaboration aims to better serve small businesses in one of the country's most dynamic markets.
Growth and Expansion
With this merger, b1BANK now boasts approximately $7.6 billion in total assets, along with $5.9 billion in loans and $6.3 billion in deposits. The bank operates 55 full-service locations and has two Loan Production Offices throughout the Louisiana and Texas regions, providing extensive reach and resources for its clients.
Leadership Team Enhancements
As part of the merger, Roy J. Salley, former chairman and CEO of Oakwood Bank, steps into the role of regional chairman for b1BANK in Dallas. Additionally, William G. Hall, previously the chairman of Oakwood Bancshares, will play a vital role on the boards of both Business First and b1BANK, bringing his expertise to the team.
Expert Legal and Financial Support
To ensure a smooth transition, Business First enlisted the expertise of Raymond James & Associates, Inc. for a fairness opinion, while Hunton Andrews Kurth LLP provided legal counsel. Stephens Inc. served as the financial advisor for Oakwood, alongside legal representation from Norton Rose Fulbright US, LLP.
About Business First Bancshares, Inc.
As of June 30, 2024, Business First Bancshares has expanded its portfolio post-acquisition to encompass $7.6 billion in assets and diversifies its financial offerings through its affiliate, Smith Shellnut Wilson, LLC (SSW), which manages approximately $6.1 billion in assets. This excludes nearly $0.9 billion managed by SSW for b1BANK.
Recognitions and Achievements
b1BANK, known for its extensive range of commercial and personal banking products, was recognized as the #1 Best-In-State Bank in Louisiana by Forbes and Statista. Furthermore, the bank consistently receives accolades as one of American Banker's “Best Banks to Work For,” solidifying its reputation in the banking industry.
Contact Information
For further inquiries about Business First Bancshares, interested parties can reach out to Misty Albrecht at 225.286.7879 or via email at Misty.Albrecht@b1BANK.com. The corporate address is 500 Laurel Street, Suite 100, Baton Rouge, Louisiana 70801, with attention directed to the Corporate Secretary.
Frequently Asked Questions
What does the acquisition of Oakwood Bancshares mean for customers?
The acquisition is set to improve customer service and expand product offerings in the Dallas-Fort Worth area.
How large is b1BANK now after the merger?
b1BANK's total assets have increased to approximately $7.6 billion, significantly boosting its market presence.
Who will lead the Dallas region post-acquisition?
Roy J. Salley, the former CEO of Oakwood Bank, has been appointed as the regional chairman for the Dallas area.
What awards has b1BANK recently received?
b1BANK was recently named the #1 Best-In-State Bank in Louisiana by Forbes and has received recognition as one of the best banks to work for.
How can I find more information about Business First Bancshares?
More information can be obtained from the SEC's EDGAR service or by contacting Business First directly through its corporate office.
