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BFST

Business First Bancshares

$24.66 /

+0.11 (+0.45%)

16:14
01/22/20
01/22
16:14
01/22/20
16:14

Business First Bancshares, Pedestal Bancshares announce $211.2M merger

Business First Bancshares and Pedestal Bancshares jointly announced the signing of a definitive agreement under which Business First will acquire Pedestal and its wholly owned bank subsidiary, Pedestal Bank. On a pro forma basis as of December 31, 2019, the combined institution would have been the third largest Louisiana-headquartered bank, with total assets of approximately $3.5B. As of December 31, 2019, Business First had total assets of $2.3B, total loans of $1.7B, total deposits of $1.8B and total shareholders' equity of $285.1M, compared to Pedestal's estimated $1.2B in total assets, $0.9B in total loans, $1B in total deposits and $147.8M in shareholders' equity. Pedestal Bank, which was founded in 1999, is headquartered in Houma, Louisiana and operates 22 branches across southern Louisiana. For FY19, Pedestal Bank reported pre-tax earnings of approximately $20.5M. Following the completion of the transaction, Business First will fix the size of its board of directors at fourteen members, which will be comprised of ten current Business First directors and four current Pedestal directors. Under the terms of the merger agreement, which has been unanimously approved by the board of each company, Pedestal's shareholders will receive cash consideration of approximately $21.8M, which will be in the form of a pre-closing, tax-free distribution to Pedestal's shareholders, and approximately 7.6M shares of Business First's common stock. Following the completion of the transaction, former Pedestal shareholders will own approximately 36% of the combined company. Based on Business First's 20-day volume weighted average price of $24.88 as of January 21, the transaction is valued at approximately $211.2M in the aggregate. The merger agreement contains customary representations and warranties and covenants by Pedestal and Business First, and is subject to customary closing conditions, including approval by Pedestal's and Business First's respective shareholders and the receipt of customary regulatory approvals. The transaction is expected to close as early as Q2.

BFST Business First Bancshares
$24.66 /

+0.11 (+0.45%)

01/03/20
Fly Intel: Top five analyst upgrades
01/03/20 DA Davidson
Business First Bancshares upgraded to Buy from Neutral at DA Davidson
01/03/20 DA Davidson
Business First Bancshares upgraded to Buy from Neutral at DA Davidson
08/29/19 Raymond James
Business First Bancshares downgraded to Market Perform from Outperform at Raymond James

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