Business First Bancshares Strengthens Presence with Acquisition
Business First Bancshares Takes a Significant Step Forward
Business First Bancshares, Inc. (Nasdaq: BFST), the parent company of b1BANK, has recently taken a significant step in its growth strategy by completing the acquisition of Oakwood Bancshares, Inc. This acquisition, which became effective on the first day of October, marks a pivotal point for Business First as it expands its resources and services to better serve a larger customer base.
Insights from Leadership
Jude Melville, the chairman, president, and CEO of Business First and b1BANK, expressed excitement about this new phase for the bank. He stated, “b1 has been serving the Dallas-Fort Worth market businesses with our boutique style banking for a number of years, just like Oakwood has.” He noted that this partnership will enhance the meaningful impact they can offer to small and growing companies in one of the nation’s most dynamic markets. This collaboration underscores the commitment of both institutions to support local economies and provide tailored banking solutions.
Growth and Expansion Statistics
Post-acquisition, b1BANK boasts approximately $7.6 billion in assets, a substantial $5.9 billion in loans, and $6.3 billion in deposits. The bank’s extensive network includes 55 full-service Banking Centers and two Loan Production Offices, primarily located across Louisiana and Texas. This robust financial positioning will allow b1BANK to compete more effectively and serve its clients with a broader array of services.
Leadership Transition within b1BANK
With this new venture, some significant changes in leadership have occurred. Roy J. Salley, the former chairman and chief executive officer of Oakwood Bank, will join b1BANK as the regional chairman for the Dallas area. In addition, William G. Hall, chairman of Oakwood Bancshares, will participate on the boards of directors for both Business First and b1BANK, thus enhancing the governance and strategic oversight of the combined entities.
Financial Advisors and Legal Counsel
In terms of ensuring the integrity and smooth transition of the acquisition, Business First engaged Raymond James & Associates, Inc. for a fairness opinion. Additionally, Hunton Andrews Kurth LLP acted as legal counsel for Business First. On the other hand, Stephens Inc. served as the financial advisor for Oakwood Bancshares, and Norton Rose Fulbright US, LLP provided legal counsel. This expert counsel reflects the seriousness and strategic importance of the acquisition.
About Business First Bancshares
As of mid-2024, Business First Bancshares, Inc., including the impact of the recent acquisition, has amassed approximately $7.6 billion in assets. This includes $6.1 billion in assets under management through b1BANK’s affiliate, Smith Shellnut Wilson, LLC (SSW). They currently offer a range of commercial and personal banking services that cater to the needs of their diverse clients.
Recognition and Awards
b1BANK has received accolades including being named the #1 Best-In-State Bank in Louisiana by Forbes and Statista. They are also recognized multiple times as one of American Banker’s “Best Banks to Work For.” This reputation for excellence further solidifies their commitment to exceptional service and a positive workplace culture.
Contact Information
For those looking for more information on Business First, the bank encourages potential inquiries. You can connect directly by reaching out to Misty Albrecht at b1BANK through her phone at 225.286.7879 or via email at Misty.Albrecht@b1BANK.com. This level of accessibility demonstrates their readiness to assist both current and prospective customers.
Frequently Asked Questions
What prompted Business First Bancshares to acquire Oakwood Bancshares?
The acquisition aimed to enhance service offerings and expand market reach in the Dallas-Fort Worth area, capitalizing on both institutions' strengths.
What changes will customers of Oakwood Bank experience?
Customers will benefit from a broader array of products and services that b1BANK offers, alongside continued local service and support.
How has Business First Bancshares been recognized in the industry?
b1BANK has been awarded titles such as the #1 Best-In-State Bank in Louisiana by Forbes and multiple recognitions from American Banker.
Who are the key leadership figures following the acquisition?
Roy J. Salley will serve as regional chairman, and William G. Hall will join the boards of directors for both companies after the acquisition.
Where can I find more information about Business First Bancshares?
More information can be requested by contacting their corporate office or visiting their official website for updates and reports.
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