Business First Bancshares To Acquire Progressive Bancorp To Expand Operations In Louisiana

(RTTNews) - Business First Bancshares, Inc. (BFST), the holding company for b1BANK, said Monday that it signed a definitive agreement to acquire Progressive Bancorp, Inc. and its wholly owned subsidiary, Progressive Bank.

The acquisition is expected to increase Business First's total assets to approximately $8.5 billion, with total loans exceeding $6.6 billion. As of March 31, Progressive reported $752 million in total assets, $673 million in deposits, and $65 million in equity capital.

Business First said that the transaction will strengthen b1BANK's presence in North Louisiana, positioning it as the leading bank by deposit market share in the state.

Upon closing, Progressive President David Hampton will serve as Vice Chairman of b1BANK's North Louisiana market, and Progressive Chairman Cummings will join the boards of both b1BANK and Business First Bancshares, the company added.

According to the terms of the deal, Business First will issue approximately 3.05 million shares of common stock to Progressive shareholders, who will own around 9.3 percent of the combined company. The company said that final share counts may be adjusted based on stock option exercises and the market price of Business First shares prior to closing. Cash will be paid for fractional shares and in-the-money options, the company added.

Business First Bancshares said the deal is expected to be completed in the early quarter of 2026, following regulatory and shareholder approvals.

Commenting on the developments, Jude Melville, chairman, president and chief executive officer, Business First Bancshares, said, "This partnership combines companies with shared values, similar cultures and complementary strategies. It deepens our Louisiana footprint, strengthens our deposit and liquidity profiles, and results in an ecoly strengthened shared franchise. We will together more thoroughly serve our respective clients in what is an increasingly competitive arena.