Business First Bancshares Completes Acquisition of Texas Citizens Bank
Business First Bancshares, Inc. (Business First), the holding company for b1BANK, has completed its acquisition of Texas Citizens Bancorp, Inc. (Texas Citizens), and its wholly owned bank subsidiary, Texas Citizens Bank, National Association. The acquisition became effective March 1, 2022, in accordance with the terms of the previously announced agreement.
“This partnership in the Houston area is an important step in the widening of our footprint across Texas,” said Jude Melville, president and CEO of b1BANK. “We have had great success with our boutique-style business banking in the Dallas market, as has Texas Citizens in the Houston market, and we look forward to combining our efforts and expertise in the service of the area’s many small and mid-size businesses.”
Upon the completion of the acquisition, b1BANK has approximately $5.3 billion in assets, $3.6 billion in loans and $4.6 billion in deposits. With the addition of the six Texas Citizens banking locations in the Houston market, b1BANK will have 48 full-service Banking Centers and three Loan Production Offices across Louisiana and in the Dallas and Houston markets. Duncan Stewart, Texas Citizens chairman and CEO, will join b1BANK serving as chairman, Houston region. Texas Citizens President Mike Cornett will also join the b1BANK team as vice chair, Houston. Current b1BANK Executive Vice President, Director of Market Expansion Don Hingle will relocate to Houston as regional president, Houston.
Stephens Inc., acted as financial advisor to Business First, and Fenimore Kay Harrison LLP acted as legal advisor to Business First. Piper Sandler Companies acted as financial advisor to Texas Citizens, and Bracewell LLP acted as legal advisor to Texas Citizens.