Business First Bancshares, the holding company for b1BANK, received all required regulatory approvals and non-objections to complete its merger with Oakwood Bancshares, the holding company for Oakwood Bank, a Texas banking association. On Aug. 27, 2024, Oakwood’s shareholders voted to approve the merger.
“We appreciate our regulatory partners’ efficient review of the proposed transaction as well as the strong affirmation expressed by the Oakwood shareholder base,” Jude Melville, chairman, president and CEO of Business First and b1BANK, said. “We are even more excited about the long-term potential of this relationship than when we first announced it and look forward to together growing b1’s impact across the Dallas-Fort Worth market.”
Upon completion, it is expected that b1BANK’s assets will increase to approximately $7.6 billion, with over $5.9 billion in consolidated total loans. This will also add four full-service banking centers to b1BANK’s footprint in the Dallas-Fort Worth metropolitan area, as well as one branch in each of Snyder and Oakwood, Texas. Roy J. Salley, chairman and chief executive officer of Oakwood Bank, will join b1BANK as regional chairman, Dallas, and William G. Hall, chairman of Oakwood Bancshares, will be appointed to the boards of directors of Business First and b1BANK.
The merger is expected to be completed on Oc1. 1, 2024, and remains subject to the satisfaction of customary closing conditions.
Raymond James functioned as financial advisor to Business First, and Hunton Andrews Kurth served as legal counsel to Business First. Stephens served as financial advisor to Oakwood, and Norton Rose Fulbright U.S. served as legal counsel to Oakwood.
