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Business First Bancshares Acquires Texas Citizens, Expands Business Banking to Houston

March 02, 2022, 07:15 AM
Filed Under: Mergers & Acquisitions

Business First Bancshares, Inc., the holding company for b1BANK, has completed its acquisition of Texas Citizens Bancorp, Inc., and its wholly owned bank subsidiary, Texas Citizens Bank, National Association.

“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.

Business First Bancshares’ Commercial banking services include commercial loans and letters of credit, working capital lines and equipment financing, and treasury management services.

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