New Orleans, Louisiana 2021-10-21 09:05:00 –
Baton Rouge-based b1BANK’s parent company has acquired a Houston-based tank in a $ 52.9 million stock transaction.
Business First Bancshares Inc. is Texas Citizens Bancorp, which owns Texas Citizens Bank. To buy.
After the transaction is closed, b1BANK’s total assets will increase from $ 4.4 billion to $ 4.9 billion. Founded in 2006, Texas Citizens has six branches in the Houston area with total assets of approximately $ 516.9 million.
The move is to expand the geographic footprint of the company, including much of the Texas market, with the goal of becoming a regional player rather than a local player.
Business First CEO Jude Melville said:
Duncan Stewart, Chairman and CEO of Texas Citizens Bank, oversaw the Houston area at b1BANK. The Office of the Comptroller of the Currency has lifted its formal agreement with Pasadena-based banks after discovering dangerous and unhealthy practices related to strategic and capital planning in addition to credit risk management in 2019.
Shareholders of Texas Citizens will acquire a total of 2.7 million Business First shares per common share of Texas Citizens, 0.7038. The transaction is expected to close by the end of the first quarter of 2022.
Business First is in a hurry to acquire, and last year the company acquired Pedestal Bank, which is based in Houma with total assets of $ 1.2 billion.
B1Bank to acquire Houston area bank in $52.9 million deal | Business Source link B1Bank to acquire Houston area bank in $52.9 million deal | Business