Business First Bancshares Inc., the holding company for Business First Bank in Baton Rouge, has completed its acquisition of Richland State Bancorp Inc. and its subsidiary Richland State Bank.
Richland State Bank is headquartered in Rayville and has seven branch locations throughout north Louisiana. It was founded in 1902. As of March 31, Richland had $305 million in assets and $788,000 in net quarterly income.
The move follows Business First's acquisition of Minden Bancorp, a $76 million deal that closed in January. In April, Business First went public with a direct listing on the Nasdaq exchange. The bank now has 24 banking centers in markets across Louisiana and Texas.
Jude Melville, Business First's president and CEO, has said the Richland and Minden bank mergers expand its presence along the Interstate 20 corridor and provides diversification and balance to its business mix.