On October 21, Baton Rouge, Louisiana-based Business First Bancshares Inc., the holding company for b1BANK, and Texas Citizens Bancorp Inc. jointly announced the signing of a definitive agreement under which Business First will acquire Texas Citizens and its wholly owned bank subsidiary, Pasadena-based Texas Citizens Bank NA. Following the completed transaction, the combined institution is expected to have total consolidated assets of approximately $4.9 billion. The transaction is expected to close during the first quarter of 2022.
“We have experienced success diversifying our geographic exposure over the past few years,” says Jude Melville, president and CEO of Business First. “By moving us a little farther down I-10 into the Houston market, [this partnership] is an opportunity for us to accelerate our transition into a regional institution. Both of our companies are focused on serving similar clienteles in similar ways—in particular small businesses—and we anticipate a relatively seamless integration of operational systems and, more importantly, cultural approaches.”
As of September 30, Business First had total assets of $4.4 billion, total loans of $3.1 billion, total deposits of $3.8 billion and total shareholders’ equity of $430.2 million, compared to Texas Citizens’ estimated $516.9 million in total assets, $365.7 million in total loans, $452.0 million in total deposits and $34.6 million in common shareholders’ equity.
“Texas Citizens Bank has been successful in serving Houston area owner-managed businesses since our inception,” says Duncan Stewart, Texas Citizens Bank’s chairman and CEO. He will join b1BANK and will serve as chair/Houston. “We believe that our partnership with b1BANK will further strengthen the bank by enhancing our customer experience and our long-term contributions to the local community.”
Mike Cornett, Texas Citizens Bank president, will also join the b1BANK team as vice chair/Houston. Don Hingle, current b1BANK executive vice president/director of market expansion, will relocate to Houston as regional president/Houston. Hingle has 39 years of banking experience and has spent the past 12 with b1BANK, during which he has served in various capacities, including market president, regional president and chief credit officer.
Established in 2006, b1BANK operates banking centers and loan production offices in markets across Louisiana and the Dallas, Texas area. It was awarded “No. 1 Best-In-State Bank, Louisiana” by Forbes and Statista, and is a three-time recipient of Baton Rouge Business Report’s “Best Places to Work in Baton Rouge.” Also established in 2006, Texas Citizens Bank operates six full-service branches in the Houston market.
