Origin Bank, the largest bank headquartered in Louisiana, is getting bigger after reaching a deal to buy BTH Bank in the Dallas-Fort Worth and northeastern Texas markets.
The deal, which is expected to close in the second half of 2022, will elevate Origin Bank's assets to $10 billion.
Origin, which is publicly traded on Nasdaq under the symbol OBNK, is paying $313.5 million for BTH, which has about $2 billion in assets.
Drake Mills, chief executive and chairman of Origin, told USA Today Network the acquisition is a "natural fit" for the company, strengthening is Dallas-Fort Worth footprint and filling in market gaps in eastern Texas like Tyler and Longview.
The deal allows Origin to blanket the Interstate 20 corridor from Jackson, Miss., to Fort Worth along with an existing presence in the Houston market.
“I am excited to bring our strong teams together and expand our Texas franchise,” Mills said. "These two companies have been passionately committed to community banking for more than 100 years and are deeply rooted in the communities we serve.
"I firmly believe that our cultural alignment and shared values provide an ideal combination to drive growth and long-term value for our employees, customers, communities and shareholders.”
Origin Bank is headquartered in tiny Choudrant, but its corporate operations center and executive team are located in Ruston, where the bank employs about 250 there and 840 company wide before the BTH acquisition.
Mills took the company public in the spring of 2018 with an eye on acquisitions for expansion.
“Both of our organizations share a focus on relationship-based, community banking,” said Lori Sirman, president of BT Holdings, Inc. “We believe this alignment of interest will provide a pathway to further increase shareholder value and appreciation. BTH Bank’s fresh, unique approach to banking and our ‘putting people first’ philosophy will be enhanced by Origin’s wide array of products, services and innovative technology.”
Greg Hilburn covers state politics for the USA TODAY Network of Louisiana. Follow him on Twitter @GregHilburn1.
This article originally appeared on Monroe News-Star: Louisiana's Origin Bank expands Texas footprint, buys BTH Bank