Business First Bancshares, Inc. (Nasdaq: BFST) (“Business First”), the holding company for b1BANK, announced the signing of a definitive agreement to acquire Progressive Bancorp, Inc. (“Progressive”) and its wholly-owned bank subsidiary, Progressive Bank.
Once completed, the acquisition is expected to increase Business First’s total assets to approximately $8.5 billion, with over $6.6 billion in total loans. As of March 31, 2025, Progressive reported total assets of $752 million, deposits of $673 million, and equity capital of $65 million.
The transaction expands b1BANK’s already strong commitment to the North Louisiana market and, post-merger, b1BANK will maintain the leading deposit market share across the state among Louisiana-based banks.
“This partnership combines companies with shared values, similar cultures and complementary strategies,” said Jude Melville, chairman, president and chief executive officer of Business First Bancshares, Inc. “We’re adding talented bankers who are well-established in communities that are important to us. It deepens our Louisiana footprint, strengthens our deposit and liquidity profiles, and results in an economically strengthened shared franchise. We will together more thoroughly serve our respective clients in what is an increasingly competitive arena.”
George Cummings III, chairman and chief executive officer of Progressive, added, “We’ve built Progressive on trusted relationships and a commitment to serving our communities with care and consistency. This partnership allows us to continue that mission with greater resources, broader capabilities and a shared belief in relationship banking. We’re confident this new chapter will greatly benefit our shareholders and create lasting value for our customers, employees and communities.”
Upon completion of the proposed transaction, Cummings will join both the b1BANK and Business First Bancshares, Inc. boards of directors. David Hampton, president of Progressive, will join b1BANK as vice chairman of the North Louisiana market.
Under the definitive agreement, Business First expects to issue approximately 3,050,490 shares of common stock to Progressive shareholders, who will own approximately 9.3 percent of the combined company after closing. These amounts may be subject to adjustment based upon the exercise of Progressive stock options prior to closing and the price of Business First common stock shortly before closing. Cash will be paid in lieu of fractional shares and for in-the-money stock options. The transaction received unanimous approval from both companies’ boards of directors. Progressive directors and executive officers have also agreed to vote their shares in support of the transaction.
The transaction is expected to close early in the first quarter of 2026, pending regulatory and Progressive shareholder approvals.
Raymond James & Associates, Inc. acted as financial advisor, and Hunton Andrews Kurth LLP served as legal counsel to Business First. Mercer Capital served as financial advisor, and Munck Wilson Mandala LLP served as legal counsel to Progressive.
