Business
Business First Bancshares, Inc. and Texas Citizens Bancorp, Inc. Announce Merger
Baton Rouge, La., Oct. 21, 2021 (GLOBE NEWSWIRE) -- - Business First Bancshares, Inc. (Business First) (Nasdaq: BFST), the holding company for b1BANK, and
About this update from Business First Bancshares, Inc.
[{"type":"text","content":"Baton Rouge, La., Oct. 21, 2021 (GLOBE NEWSWIRE) -- - Business First Bancshares, Inc. (Business First) (Nasdaq: BFST), the holding company for b1BANK, and Texas Citizens Bancorp, Inc. (Texas Citizens) today jointly announced the signing of a definitive agreement under which Business First will acquire Texas Citizens and its wholly owned bank subsidiary, Texas Citizens Bank, National Association. Following the completed transaction, the combined institution is expected to have total consolidated assets of approximately $4.9 billion. “We have experienced success diversifying our geographic exposure over the past few years. This partnership with Texas Citizens Bank, by moving us a little farther down I-10 into the Houston market, is an opportunity for us to accelerate our transition into a regional institution,” said Jude Melville, president and CEO of Business First. “Both of our companies are focused on serving similar clienteles in similar ways, in particular small businesses, and we anticipate a relatively seamless integration of operational systems and, more importantly, cultural approaches. We look forward to using our combined strength to benefit both existing and new clients throughout one of the country’s most potential-filled regions.” As of September 30, 2021, Business First had total assets of $4.4 billion, total loans of $3.1 billion, total deposits of $3.8 billion and total shareholders’ equity of $430.2 million, compared to Texas Citizens’ estimated $516.9 million in total assets, $365.7 million in total loans, $452.0 million in total deposits and $34.6 million in common shareholders’ equity. Texas Citizens Bank, which was founded in 2006, is headquartered and has six branches in the Houston area. Texas Citizens Bank’s Chairman and CEO Duncan Stewart will join b1BANK and will serve as chairman, Houston region, leading business development efforts. “Texas Citizens Bank has been successful in serving Houston area owner-managed businesses since our inception,” said Stewart. “The significant efforts of our team toward strengthening our institution have resulted in the OCC recently lifting the Formal Agreement. We believe that our partnership with b1BANK will further strengthen the bank by enhancing our customer experience and our long-term contributions to the local community.” President Mike Cornett will also join the b...