Business First Buys Pedestal
Business First buys Pedestal.
Business First Bancshares buys Pedestal Bank for $211.2 million.
Pedestal Bank was founded in 1999 by uniting City Savings Bank & Trust, Coastal Commerce Bank, Kaplan State Bank, Teche Bank & Trust, and Tri-Parish Bank. It operates 22 branches across southern Louisiana. Business First Bank has rebranded itself as b1BANK to signal its varied growth. Over the past 4 years, it has bought 3 banks in Baton Rouge, Minden, and Monroe, and opened branches in New Orleans and Dallas. This deal makes Business First the third-largest Louisiana bank with assets of $3.5 billion.
Jude Melville of Business First said: ‘This is a transformative, franchise-building opportunity for our company. Pedestal Bank has for years been a well-managed, high performing competitor of ours, and teaming up with them grows our market share, broadens our shareholder base, and strengthens our already deep talent pool. It’s the next step in our quest to be our region’s bank of choice.’
Mark Folse of Pedestal said: ‘Over the last 20 years, Pedestal Bank has built its success and reputation on always striving to exceed our customer’s expectations. We believe this partnership is a positive move that is consistent with our pursuit of enhancing the customer experience and the communities we serve. Over the years we have built relationships with the leadership team at Business First, and I am confident that our like-minded approach to customer service, employee relations, and the creation of shareholder value will present positive opportunities for all involved.’
Business First will fix the size of its board of directors at 14 members, comprising 10 current Business First directors and 4 current Pedestal directors. Mark Folse of Pedestal will move to Baton Rouge to join b1BANK’s executive team.
Raymond James served as financial advisor to Business First. Alston & Bird served as legal advisor.
Stephens served as financial advisor to Pedestal. Fenimore, Kay, Harrison & Ford served as legal advisor.
Business First Bancshares buys Pedestal Bank for $211.2 million.
Pedestal Bank was founded in 1999 by uniting City Savings Bank & Trust, Coastal Commerce Bank, Kaplan State Bank, Teche Bank & Trust, and Tri-Parish Bank. It operates 22 branches across southern Louisiana. Business First Bank has rebranded itself as b1BANK to signal its varied growth. Over the past 4 years, it has bought 3 banks in Baton Rouge, Minden, and Monroe, and opened branches in New Orleans and Dallas. This deal makes Business First the third-largest Louisiana bank with assets of $3.5 billion.
Jude Melville of Business First said: ‘This is a transformative, franchise-building opportunity for our company. Pedestal Bank has for years been a well-managed, high performing competitor of ours, and teaming up with them grows our market share, broadens our shareholder base, and strengthens our already deep talent pool. It’s the next step in our quest to be our region’s bank of choice.’
Mark Folse of Pedestal said: ‘Over the last 20 years, Pedestal Bank has built its success and reputation on always striving to exceed our customer’s expectations. We believe this partnership is a positive move that is consistent with our pursuit of enhancing the customer experience and the communities we serve. Over the years we have built relationships with the leadership team at Business First, and I am confident that our like-minded approach to customer service, employee relations, and the creation of shareholder value will present positive opportunities for all involved.’
Business First will fix the size of its board of directors at 14 members, comprising 10 current Business First directors and 4 current Pedestal directors. Mark Folse of Pedestal will move to Baton Rouge to join b1BANK’s executive team.
Raymond James served as financial advisor to Business First. Alston & Bird served as legal advisor.
Stephens served as financial advisor to Pedestal. Fenimore, Kay, Harrison & Ford served as legal advisor.
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