Business First Bancshares in Baton Rouge, La., has agreed to buy American Gateway Financial in Baton Rouge.
Business First will have roughly $1 billion in assets when it completes the acquisition, creating the biggest bank based in Louisiana's capital, based on deposits. The transaction is expected to close in the fourth quarter. The companies did not disclosed the price.
"While we continue to focus on serving our growing roster of entrepreneurs and business owners, this partnership is the next step a foundational step toward our larger goal of being not only Louisiana's best business bank, but also the state's most impactful community bank," Jude Melville, Business First's president and chief executive, said in a press release Thursday.
American Gateway has 10 branches in the Baton Rouge area. Business First has five branches across several Louisiana markets.
Commerce Street Capital and Fenimore, Kay, Harrison & Ford advised Business First. Sandler, O'Neill and Kantrow, Spaht, Weaver & Blitzer advised American Gateway.
