Banking buy: Business First Bancshares Inc., the holding company for b1BANK, today announced it has completed its acquisition of Pedestal Bancshares Inc. and its wholly owned bank subsidiary, Pedestal Bank. With the completion of the acquisition, b1BANK has approximately $4.1 billion in assets, $3 billion in loans and $3.3 billion in deposits (estimates include $400 million in loans and deposits associated with the Small Business Administration Paycheck Protection Program). The bank’s locations will increase to 48 full-service banking centers across Louisiana and in the Dallas area. Mark Folse, the former president and CEO of Pedestal and Pedestal Bank, will relocate to Baton Rouge to join b1BANK’s executive team.
Oil demand fallout: Profits fell at ExxonMobil as the global pandemic began to erode oil demand. The Irving, Texas-based oil giant lost $610 million in the first quarter, down 126% from the same time last year, the company said Friday. Revenue was $56.16 billion, down 12% from the same quarter in 2019. Read the full report.
Bankruptcy: The Archdiocese of New Orleans has officially filed for bankruptcy. According to WWL-TV, officials with the religious institution said that financial challenges caused by litigation fees coupled with financial issues related to the pandemic led to the decision. Read the full story.
