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Financial Advisor

Business First Bancshares, Inc.

$53 Million 10/21/2021 Depository Complete
Public Companies
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Transaction Details

  • On October 21, 2021, Business First Bancshares, Inc. (“Business First”) (Nasdaq: BFST), the holding company for b1BANK, and Texas Citizens Bancorp, Inc. (“Texas Citizens”) 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
  • Entry into the Houston market is consistent with BFST’s disciplined expansion strategy and complementary to BFST’s growing Dallas operations, resulting in approximately 30% of pro forma loans in Texas at close
  • Management of Business First estimates that the acquisition of Texas Citizens will result in mid-teens average EPS accretion and a 3-year payback of tangible book value dilution
  • Texas Citizens Bank’s Founder and CEO Duncan Stewart will join b1BANK as Chairman of the Houston region
  • “We have experienced success diversifying over the past few years into Texas. This is a meaningful opportunity for us to accelerate that transition by entering the Houston market with Texas Citizens Bank as a foundational partner,” said Jude Melville, president and CEO of Business First
  • The transaction is expected to close in the first quarter of 2022

About the company

Business First Bancshares, Inc.
Business First Bancshares, Inc., (Nasdaq: BFST) through its banking subsidiary b1BANK, has $4.4 billion in assets, $4.7 billion in assets under management through b1BANK’s affiliate Smith Shellnut Wilson, LLC (SSW) (excludes $1.0 billion of b1BANK assets managed by SSW) and operates Banking Centers and Loan Production Offices in markets across Louisiana and the Dallas, Texas area, providing commercial and personal banking products and services. Commercial banking services include commercial loans and letters of credit, working capital lines and equipment financing, and treasury management services. b1BANK was awarded #1 Best-In-State Bank, Louisiana, by Forbes and Statista, and is a three-time recipient of Baton Rouge Business Report’s “Best Places to Work in Baton Rouge.”

About Texas Citizens Bancorp, Inc.
Texas Citizens Bancorp, Inc. is a bank holding company and the parent company of Texas Citizens Bank, a national banking association that offers a full range of banking products and services from six full-service branch locations located in the Houston, Texas market area. As of September 30, 2021, TCBI had $516.9 million in total assets, $365.7 million in total loans, $452.0 million in total deposits, and $34.6 million in shareholders’ equity.

Sources: S&P Global Market Intelligence and publicly available information
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