Oakwood Bancshares, Inc. | Stephens

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Financial Advisor

Oakwood Bancshares, Inc.

$85.7 Million Financial Institutions Pending
Lead Bankers: Justin Evans, Cole Kenny
Private Companies
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Transaction Details

  • On April 25, 2024, Business First Bancshares, Inc. (NASDAQ: BFST) (“Business First” or “BFST”), the holding company for b1BANK, announced that it entered into a definitive agreement to acquire Oakwood Bancshares, Inc. and its wholly-owned bank subsidiary, Oakwood Bank (together, “Oakwood”), in an all-stock transaction for total consideration value of approximately $85.7 million
    • Price / Tangible Book Value per Share of 1.06x(1)
  • Under the terms of the proposed transaction, Business First will issue 3,973,469 shares of its common stock
    • Oakwood shareholders will own ~13.5% of the combined company
  • b1BANK will increase the percentage of Texas loans in its portfolio from 37.1% to 44.4% and the percentage of Texas deposits in its portfolio from 19.3% to 30.6%
  • Upon completion of the proposed transaction, Roy J. Salley, Chairman and Chief Executive Officer of Oakwood Bank, will join b1BANK as Regional Chairman, Dallas. Additionally, upon completion of the proposed transaction, William G. Hall, Chairman of Oakwood Bancshares, Inc., will be appointed to the Boards of Directors of Business First and b1BANK
Oakwood Bank Map
Note: Total consideration and shares issued based on April 22, 2024; BFST closing price of $21.57 per share
  1. Source: Company Press Release, Company Investor Presentation and S&P Capital IQ Pro

    (1) Price to tangible book value per share reflects Oakwood’s common share count as of December 31, 2023, adjusted to include Oakwood’s $7.1 million subordinated debt that converted to common stock during March 2024

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