Baton Rouge, La.-based Business First Bancshares Inc. increased the size of its previously announced common stock offering to 1,050,000 shares from 900,000 shares. The shares are priced at $24.00 each.
Net proceeds are expected to be approximately $23.4 million, a portion of which will be used to fund the company's pending acquisition of Rayville, La.-based Richland State Bancorp Inc. The remaining proceeds will be used to strengthen the company's capital position and for general corporate purposes.
The offering is expected to close on or about June 7.
Business First granted underwriters a 30-day option to purchase up to 157,500 additional common shares.
Stephens Inc. is lead book-running manager for the offering. Raymond James & Associates is lead manager and Hovde Group LLC is co-manager.
