- Key takeaway: For the third time in a little over five years, Business First has acquired a nonbank firm that serves other community banks.
- Supporting data: Business First's two consulting units, Smith Shellnut Wilson and Waterstone LSP, generated nearly $8 million in revenue in 2025.
- Expert quote: "Joining forces allows us to deepen our capabilities while delivering greater value to our clients." — Smith Shellnut Wilson Managing Director Frank Smith
Business First Bancshares in Baton Rouge, Louisiana, has agreed to pay an undisclosed sum to acquire a community bank consulting firm.
American Planning Corp. offers a range of services to banks, including an outsourced chief financial officer function, director education, and consulting on de novo formation, capital planning and strategy. In a recent presentation, American Planning stated that it provides its outsourced CFO product to more than 50 community banks, has assisted in the formation of 17 de novos and has advised on more than 80 merger-and-acquisition transactions.
For the $8.9 billion-asset Business First, acquiring American Planning builds on the investment portfolio and asset-liabilty management advice it currently offers banks through its Smith Shellnut Wilson subsidiary.
Kansas City, Missouri-based UMB Financial made a similar move in 2023, acquiring the consultancy Hybarger & Associates in Bedford, Texas. Hybarger specialized in providing banks with interest rate risk analysis, budgeting and forecasting, and financial modeling.
Meanwhile in September, core provider Fiserv acquired Lake May, Florida-based Smith Consulting Group, which advises community banks and credit unions.
Business First plans to merge Baton Rouge-based American Planning Financial into Smith Shellnut Wilson. CEO Jefferson Fair and his team have agreed to join the merged organization. American Planning was founded in 1972. Fair joined the company in 1993.
"Jeff Fair and his team have earned the trust of community bankers over many years, including ours," Jude Melville, Business First's chairman, president and CEO, said Tuesday in a press release. "We've worked together since our founding twenty years ago, and I have complete confidence that by formally joining forces, we will amplify the positive impact Jeff already has had on the community banking industry."
Fair said his firm and Business First have frequently advised the same clients. "Now we'll do it as one team," he said in the press release.
"I'm excited about this new chapter in the 50-plus year history of American Planning," Fair added Tuesday in a LinkedIn post.
"Joining forces allows us to deepen our capabilities while delivering greater value to our clients," Smith Shellnut Wilson Managing Director Frank Smith said in the press release.
Business First, the holding company for B1 Bank, has not been shy about growing through acquisitions. Indeed, the deal for American Planning comes a little more than six months after Business First closed its
Business First acquired the $862 million-asset Oakwood Bank in Dallas, bolstering its Lone-Star-State footprint, in October 2024.
At the same time, Business First is building a substantial business serving other community banks. In addition to its consulting activities through Smith Shellnut Wilson, it offers a suite of services related to Small Business Administration lending through the Katy, Texas-based Waterstone LSP, which it acquired in 2024. Combined, the two units generated $7.7 million in revenue in 2025. Full-year 2025 earnings totaled $82.5 million, up from $59.7 million the previous year.
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