Business First Bancshares, Inc. Receives Regulatory Approval of its Merger with Oakwood Bancshares, Inc.
Business First Bancshares, Inc. (Nasdaq: BFST), the holding company for b1BANK, has received all required regulatory approvals for its merger with Oakwood Bancshares, Inc. The merger, approved by Oakwood's shareholders on August 27, 2024, is expected to be completed on October 1, 2024. Upon completion, b1BANK's assets will increase to approximately $7.6 billion, with over $5.9 billion in consolidated total loans. The merger will add four full-service banking centers in the Dallas-Fort Worth metropolitan area and two additional branches in Texas. Roy J. Salley will join b1BANK as regional chairman, Dallas, and William G. Hall will be appointed to the boards of directors of Business First and b1BANK.
Business First Bancshares, Inc. (Nasdaq: BFST), la societ脿 holding per b1BANK, ha ricevuto tutte le approvazioni regolamentari necessarie per la sua fusione con Oakwood Bancshares, Inc. La fusione, approvata dagli azionisti di Oakwood il 27 agosto 2024, dovrebbe essere completata il 1 ottobre 2024. Al termine dell'operazione, gli attivi di b1BANK aumenteranno a circa $7,6 miliardi, con oltre $5,9 miliardi in prestiti totali consolidati. La fusione porter脿 quattro centri bancari a servizio completo nell'area metropolitana di Dallas-Fort Worth e due ulteriori filiali in Texas. Roy J. Salley entrer脿 a far parte di b1BANK come presidente regionale per Dallas, e William G. Hall sar脿 nominato nei consigli di amministrazione di Business First e b1BANK.
Business First Bancshares, Inc. (Nasdaq: BFST), la empresa matriz de b1BANK, ha recibido todas las aprobaciones regulatorias requeridas para su fusi贸n con Oakwood Bancshares, Inc. La fusi贸n, aprobada por los accionistas de Oakwood el 27 de agosto de 2024, se espera que se complete el 1 de octubre de 2024. Una vez finalizada, los activos de b1BANK aumentar谩n a aproximadamente $7.6 mil millones, con m谩s de $5.9 mil millones en pr茅stamos totales consolidados. La fusi贸n a帽adir谩 cuatro centros bancarios de servicio completo en el 谩rea metropolitana de Dallas-Fort Worth y dos sucursales adicionales en Texas. Roy J. Salley se unir谩 a b1BANK como presidente regional, Dallas, y William G. Hall ser谩 nombrado para los consejos de administraci贸n de Business First y b1BANK.
Business First Bancshares, Inc. (Nasdaq: BFST), b1BANK鞚� 歆�欤� 須岇偓臧� Oakwood Bancshares, Inc.鞕�鞚� 頃╇硲鞚� 鞙勴暅 氇摖 頃勳垬 攴滌牅 鞀轨澑鞚� 氚涭晿鞀惦媹雼�. 2024雲� 8鞗� 27鞚� Oakwood鞚� 欤检＜霌れ澊 鞀轨澑頃� 鞚� 頃╇硲鞚� 2024雲� 10鞗� 1鞚检棎 鞕勲霅� 瓴冹溂搿� 鞓堨儊霅╇媹雼�. 鞕勲霅橂┐ b1BANK鞚� 鞛愳偘鞚� 鞎� 76鞏� 雼煬搿� 歃濌皜頃� 瓴冹瀰雼堧嫟, 韱淀暕 齑� 雽�於滌潃 59鞏� 雼煬臧� 雱橃姷雼堧嫟. 鞚� 頃╇硲鞚� Dallas-Fort Worth 雽�霃勳嫓 歆�鞐棎 4臧滌潣 膦呿暕 鞚�頄� 靹柬劙毳� 於旉皜頃橁碃 韰嶌偓鞀れ棎 2臧滌潣 於旉皜 歆�鞝愳潉 於旉皜頃橁矊 霅╇媹雼�. Roy J. Salley電� Dallas 歆�鞐� 鞚橃灔鞙茧 b1BANK鞐� 頃╇頃橁碃, William G. Hall鞚� Business First鞕� b1BANK鞚� 鞚挫偓須岇棎 鞛勲獏霅� 瓴冹瀰雼堧嫟.
Business First Bancshares, Inc. (Nasdaq: BFST), la soci茅t茅 m猫re de b1BANK, a re莽u toutes les approbations r茅glementaires n茅cessaires pour sa fusion avec Oakwood Bancshares, Inc. La fusion, approuv茅e par les actionnaires d'Oakwood le 27 ao没t 2024, devrait 锚tre finalis茅e le 1er octobre 2024. Une fois la fusion achev茅e, les actifs de b1BANK devraient augmenter 脿 environ 7,6 milliards de dollars, avec plus de 5,9 milliards de dollars en pr锚ts consolid茅s totaux. La fusion ajoutera quatre centres bancaires 脿 service complet dans la r茅gion m茅tropolitaine de Dallas-Fort Worth et deux agences suppl茅mentaires au Texas. Roy J. Salley rejoindra b1BANK en tant que pr茅sident r茅gional de Dallas, et William G. Hall sera nomm茅 aux conseils d'administration de Business First et de b1BANK.
Business First Bancshares, Inc. (Nasdaq: BFST), die Holdinggesellschaft von b1BANK, hat alle erforderlichen Genehmigungen der Aufsichtsbeh枚rden erhalten f眉r ihre Fusion mit Oakwood Bancshares, Inc. Die Fusion, die von den Aktion盲ren von Oakwood am 27. August 2024 genehmigt wurde, soll am 1. Oktober 2024 abgeschlossen sein. Nach dem Abschluss
- Regulatory approvals received for the merger with Oakwood Bancshares
- b1BANK's assets expected to increase to $7.6 billion post-merger
- Consolidated total loans to reach $5.9 billion
- Addition of 6 new banking centers in Texas, including 4 in Dallas-Fort Worth area
- Expansion of presence in the Dallas-Fort Worth market
- None.
Insights
The regulatory approval for Business First Bancshares' merger with Oakwood Bancshares marks a significant milestone in the consolidation of regional banking assets. This merger will boost Business First's total assets to approximately
The merger between Business First and Oakwood is poised to reshape the competitive landscape in the Dallas-Fort Worth banking sector. With the addition of Oakwood's branches, b1BANK is set to strengthen its foothold in this high-growth metropolitan area. This strategic move aligns with the broader trend of regional banks consolidating to compete more effectively against national institutions. The market's reaction to this news will likely be positive, as it demonstrates Business First's commitment to expansion and its ability to execute on strategic acquisitions. Investors should watch for potential synergies and cost savings that could emerge from this merger, as well as any shifts in customer retention rates post-integration.
The receipt of all required regulatory approvals for this merger is a crucial legal milestone. It signifies that the transaction has cleared significant regulatory hurdles, including likely scrutiny from the Federal Reserve and state banking authorities. The shareholder approval from Oakwood further solidifies the legal foundation of this merger. Investors should note that while major legal obstacles have been overcome, the closing remains subject to customary conditions. This typically includes final documentation and potential last-minute regulatory considerations. The appointment of Oakwood's executives to key positions in the merged entity, including board seats, suggests a well-structured governance plan, which is often critical for smooth post-merger integration and regulatory compliance.
BATON ROUGE, La., Sept. 03, 2024 (GLOBE NEWSWIRE) -- Business First Bancshares, Inc. (Business First) (Nasdaq: BFST), the holding company for b1BANK, announced it has received all required regulatory approvals and non-objections to complete its merger with Oakwood Bancshares, Inc. (Oakwood), the holding company for Oakwood Bank, a Texas banking association. On August 27, 2024, Oakwood鈥檚 shareholders voted to approve the merger.
鈥淲e appreciate our regulatory partners鈥� efficient review of the proposed transaction as well as the strong affirmation expressed by the Oakwood shareholder base,鈥� said Jude Melville, chairman, president and CEO of Business First and b1BANK. 鈥淲e are even more excited about the long-term potential of this relationship than when we first announced it and look forward to together growing b1鈥檚 impact across the Dallas-Fort Worth market.鈥�
Upon completion, it is expected that b1BANK鈥檚 assets will increase to approximately
The merger is expected to be completed on October 1, 2024, and remains subject to the satisfaction of customary closing conditions.
Raymond James & Associates, Inc., functioned as financial advisor to Business First, and Hunton Andrews Kurth LLP served as legal counsel to Business First. Stephens Inc. served as financial advisor to Oakwood, and Norton Rose Fulbright US, LLP served as legal counsel to Oakwood.
About Business First Bancshares, Inc.
As of June 30, 2024, Business First Bancshares, Inc. (Nasdaq: BFST), through its banking subsidiary b1BANK, had
Special Note Regarding Forward-Looking Statements听听
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties and are made pursuant to the safe harbor provisions of Section 27A of the Securities Act. These forward-looking statements reflect the current views of BFST with respect to future events and BFST鈥檚 financial performance. Any statements about BFST鈥檚 expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as 鈥渁nticipate,鈥� 鈥渂elieves,鈥� 鈥渃an,鈥� 鈥渃ould,鈥� 鈥渕ay,鈥� 鈥減redicts,鈥� 鈥減otential,鈥� 鈥渟hould,鈥� 鈥渨ill,鈥� 鈥渆stimate,鈥� 鈥減lans,鈥� 鈥減rojects,鈥� 鈥渃ontinuing,鈥� 鈥渙ngoing,鈥� 鈥渆xpects,鈥� 鈥渋ntends鈥� and similar words or phrases. BFST cautions that the forward-looking statements in this document are largely based on BFST鈥檚 current expectations, estimates, projections, goals and forecasts and management assumptions about the future performance of each of BFST, Oakwood and the combined company, as well as the businesses and markets in which they do and are expected to operate. These forward-looking statements are not guarantees of future performance and involve a number of known and unknown risks, uncertainties and assumptions that are difficult to assess and are subject to change based on factors which are, in many instances, beyond BFST鈥檚 control. The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: (1) the expected impact of the proposed transaction between BFST and Oakwood on the combined entities鈥� operations, financial condition, and financial results; (2) the businesses of BFST and Oakwood may not be combined successfully, or such combination may take longer to accomplish than expected; (3) the cost savings from the proposed transaction may not be fully realized or may take longer to realize than expected; (4) operating costs, customer loss and business disruption following the proposed transaction, including adverse effects on relationships with employees, may be greater than expected; (5) the failure to satisfy the conditions to completion of the proposed transaction途 (6) the failure of the proposed transaction to close for any other reason; (7) the impact on BFST and Oakwood, and their respective customers, of a decline in general economic conditions that would adversely affect credit quality and loan originations, and any regulatory responses thereto; (8) potential recession in the United States and BFST鈥檚 and Oakwood鈥檚 market areas; (9) the impacts related to or resulting from bank failures and any continuation of the uncertainty in the banking industry, including the associated impact to BFST, Oakwood and other financial institutions of any regulatory changes or other mitigation efforts taken by government agencies in response thereto; (10) the impact of changes in market interest rates, whether due to continued elevated interest rates resulting in further compression of net interest margin or potential reductions in interest rates resulting in declines in net interest income; (11) the persistence of the current inflationary pressures, or the resurgence of elevated levels of inflation, in the United States and the BFST and Oakwood market areas; (12) the uncertain impacts of ongoing quantitative tightening and current and future monetary policies of the Board of Governors of the Federal Reserve System; (13) uncertainty regarding United States fiscal debt and budget matters; (14) cyber incidents or other failures, disruptions or breaches of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber-attacks; (15) competition from other financial services companies in BFST鈥檚 and Oakwood鈥檚 markets; or (16) current or future litigation, regulatory examinations or other legal and/or regulatory actions. Additional information regarding these risks and uncertainties to which BFST鈥檚 business and future financial performance are subject is contained in BFST鈥檚 most recent Annual Report on Form 10-K on file with the SEC, including the sections entitled 鈥淩isk Factors鈥� and 鈥淢anagement鈥檚 Discussion and Analysis of Financial Condition and Results of Operations鈥� of such documents, and other documents BFST files or furnishes with the SEC from time to time, which are available on the SEC鈥檚 website, . Actual results, performance or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements due to additional risks and uncertainties of which BFST is not currently aware or which it does not currently view as, but in the future may become, material to its business or operating results. Due to these and other possible uncertainties and risks, BFST can give no assurance that the results contemplated in the forward-looking statements will be realized and readers are cautioned not to place undue reliance on the forward-looking statements contained in this document. Any forward-looking statements presented herein are made only as of the date of this document, and BFST does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, new information, the occurrence of unanticipated events, or otherwise, except as required by applicable law. All forward-looking statements, express or implied, included in the document are qualified in their entirety by this cautionary statement.
Additional Information
For additional information on Business First, you may obtain Business First鈥檚 reports that are filed with the Securities and Exchange Commission (SEC) free of charge by using the SEC鈥檚 EDGAR service on the SEC鈥檚 website at www.sec.gov or by contacting the SEC for further information at 1-800-SEC-0330. Alternatively, these documents can be obtained free of charge from Business First by directing a request to: Business First Bancshares, Inc., 500 Laurel Street, Suite 100, Baton Rouge, Louisiana 70801, Attention: Corporate Secretary.
Misty Albrecht
b1BANK
225.286.7879
Misty.Albrecht@b1BANK.com
FAQ
When is the Business First Bancshares (BFST) merger with Oakwood Bancshares expected to complete?
How will the merger affect Business First Bancshares' (BFST) asset size?
How many new banking centers will Business First Bancshares (BFST) gain from the Oakwood merger?
Who will join Business First Bancshares' (BFST) leadership team after the Oakwood merger?
