Alston & Bird client Business First Bancshares Inc., the holding company for b1BANK, has announced a definitive agreement to acquire Pedestal Bancshares Inc. and its wholly-owned subsidiary, Pedestal Bank, in a deal valued at about $211 million.
Headquartered in Baton Rouge, LA, Business First Bancshares has about 350 employees across 26 branches in Louisiana and Texas and oversees about $2.3 billion in total assets.
Pedestal, founded in 1999, is based in Houma and operates 22 branches in Louisiana. It has $1.2 billion in total assets.
Upon the deal’s completion, the combined institution will be the third-largest Louisiana-headquartered bank, with about $3.5 billion in total assets.
The acquisition is anticipated to close in the second quarter of 2020, pending the receipt of regulatory approval and the satisfaction of other customary closing conditions.
Advising Business First is an Alston & Bird team led by partners Mark Kanaly, Kyle Healy, and David Park, senior associate John Gerl, and associates Nathan Tyre and John Hobgood (Financial Services & Products); partners Blake MacKay and John Shannon and senior associate Meredith Gage (Employee Benefits & Executive Compensation); and partner Scott Harty and associate Seth Buchwald (Federal & International Tax).