M&A - Business First Bancshares, Inc.

Form Type: 11-K

Filing Date: 2025-06-20

Corporate Action: Acquisition

Type: Update

Accession Number: 000143774925020897

Filing Summary: Business First Bancshares, Inc. completed the acquisition of Waterstone on January 31, 2024, with assets of $1,156,637 transferred from Waterstone's retirement plan to the b1BANK Employee Retirement Plan and Trust on May 14, 2024. Additionally, on October 1, 2024, Business First Bancshares, Inc. acquired Oakwood Bancshares, Inc., with $4,274,381 in plan assets from Oakwood's retirement plan set to merge into the b1BANK plan effective May 6, 2025. The financial statements of b1BANK Employee Retirement Plan and Trust were audited, showing net assets available for benefits at $68,732,238 as of December 31, 2024, an increase from the previous year's $61,850,374. Contributions totaled $8,303,366 for the year, with deductions for benefits paid and other costs amounting to $10,695,746, resulting in a net increase of $5,725,227. The Plan operates under ERISA, covering eligible employees with automatic enrollment provisions and is managed by the Employee Retirement and Trust Committee of b1BANK. The Plan is subject to audit procedures to ensure conformity with applicable Department of Labor rules and regulations.