Business First Bancshares, Inc. Announces Acquisition of Waterstone LSP, LLC
February 01 2024 - 8:30AM
Business First Bancshares, Inc. (Business First) (Nasdaq: BFST),
the holding company for b1BANK announced today the signing of a
definitive agreement to acquire Waterstone LSP, LLC (Waterstone).
Waterstone was founded in 2012 by Mark Danford
and Anthony Parrino to work hand-in-hand with community banks and
small business owners to implement and manage the U.S. Small
Business Administration’s (SBA) loan programs.
“We have worked closely, for a number of years,
with Waterstone and have been impressed with their deep
understanding of both small businesses and the community banks that
serve them,” said b1BANK President and CEO, Jude Melville. “With
the integration of Waterstone, we look forward to more seamlessly
providing SBA-focused alternatives to our core bank clients while
also equipping our community bank partners around the country to
more comprehensively serve their clients.”
Waterstone is headquartered in Katy, Texas and
offers community banks and small businesses a range of SBA lending
services including planning, pre-qualification, packaging, closing
and disbursements, servicing, and liquidations.
“From inception we have been dedicated to
building partnerships with our clients because they are not just
another number to us. After working with the bank, it was clear to
us that b1BANK has the same relationship-based approach to serving
clients,” said Waterstone President and CEO, Mark Danford. “This
merger will provide both teams with opportunities to expand into
new markets and provide our clients with additional finance
options,” said Waterstone Chief Financial Officer, Anthony
Parrino.
Waterstone will operate as a subsidiary of
b1BANK and will report through Chief Administrative Officer, Jerry
Vascocu. “We are thrilled to welcome the Waterstone team and expand
the line of products and services we offer through our Financial
Institutions Group (FIG),” said Vascocu.
Alston & Bird, LLP acted as legal advisor to
b1BANK, while Brunini, Grantham, Grower & Hewes, PLLC advised
Waterstone.
About Business First Bancshares,
Inc.
As of December 31, 2023, Business First
Bancshares, Inc., (Nasdaq: BFST) through its banking subsidiary
b1BANK, has $6.6 billion in assets, $6.0 billion in assets under
management through b1BANK’s affiliate Smith Shellnut Wilson, LLC
(SSW) (excludes $0.9 billion of b1BANK assets managed by SSW) and
operates Banking Centers and Loan Production Offices in markets
across Louisiana and the Dallas and Houston, Texas areas, providing
commercial and personal banking products and services. Commercial
banking services include commercial loans and letters of credit,
working capital lines and equipment financing, and treasury
management services. b1BANK was awarded #1 Best-In-State Bank,
Louisiana, by Forbes and Statista, and is a multiyear winner of
American Banker’s “Best Banks to Work For.” Visit b1BANK.com for
more information.
Special Note Regarding Forward-Looking
Statements
Certain statements contained in this release may
not be based on historical facts and are “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. These forward-looking statements may be
identified by their reference to a future period or periods or by
the use of forward-looking terminology such as “anticipate,”
“believe,” “estimate,” “expect,” “may,” “might,” “will,” “would,”
“could,” or “intend.” We caution you not to place undue reliance on
the forward-looking statements contained in this news release, in
that actual results could differ materially from those indicated in
such forward-looking statements as a result of a variety of
factors, including those factors specified in our Annual Report on
Form 10-K and other public filings. We undertake no obligation to
update these forward-looking statements to reflect events or
circumstances that occur after the date of this news release.
###
Misty Albrecht
February 1, 2024b1BANK
225.286.7879
Misty.Albrecht@b1BANK.com
Business First Bancshares (NASDAQ:BFST)
Historical Stock Chart
From Mar 2024 to Apr 2024
Business First Bancshares (NASDAQ:BFST)
Historical Stock Chart
From Apr 2023 to Apr 2024