Business First Bancshares, through its subsidiary b1BANK, has agreed to take over Ridgeland, Mississippi-based RIA Smith Shellnut Wilson (SSW).
The transaction, whose financial terms were not revealed, is slated to close in the coming weeks.
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Upon deal completion, b1BANK will consolidate its Wealth Solutions Division, which manages $235m in assets, with SSW. The acquired entity will become a subsidiary of b1BANK after the deal closes.
SSW principal Frank Smith, III said: “b1BANK and SSW operate with similar values, including a personalised, structured style to portfolio management and innovative methods of product development.
“This merger will provide both SSW and b1BANK teams with more options to customise client services.”
SSW provides investment advisory services such as discretionary and non-discretionary management of investment portfolios.
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By GlobalDataSet up in 1995, the firm serves corporations, foundations as well as individuals. It oversaw $3.5bn in assets at the end of December last year.
b1BANK president and CEO Jude Melville said: “b1BANK has worked closely with SSW since the day we chartered 15 years ago. We value the quantifiable impact they’ve had on the management of our investment portfolio, we respect the sophistication of their capabilities as specialists, and we trust them as people.
“Bringing SSW under the b1BANK umbrella will allow us to expand the set of products and services we offer through our Financial Institutions Group while also strengthening the investment services we offer to our individual clients.”
Through b1BANK, Business First Bancshares runs 43 banking centres in markets across Louisiana as well as in the Dallas, Texas area. b1BANK offers a range of services covering commercial and personal banking, treasury management and wealth solutions.
Last January, Business First Bancshares inked a definitive agreement to acquire Pedestal Bancshares and its subsidiary Pedestal Bank for $211.2m.
In 2018, Business First Bancshares purchased Richland State Bancorp and its wholly owned bank subsidiary Richland State Bank.
