BATON ROUGE, La. — Business First Bancshares, Inc. (Nasdaq: BFST), the parent company of b1BANK, has announced the signing of a definitive agreement to acquire Progressive Bancorp, Inc. and its wholly owned subsidiary, Progressive Bank, in a move that will significantly expand its footprint and deposit market share in Louisiana.
Upon completion of the acquisition, Business First’s total assets are projected to reach approximately $8.5 billion, with more than $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 is expected to further solidify b1BANK’s position as the leading Louisiana-based bank in deposit market share across the state.
“This partnership combines companies with shared values, similar cultures and complementary strategies,” said Jude Melville, Chairman, President and CEO 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.”
George Cummings III, Chairman and CEO of Progressive, echoed the sentiment, stating, “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.”
Leadership Transitions
Upon completion of the merger:
- George Cummings III will join the boards of both b1BANK and Business First Bancshares, Inc.
- David Hampton, President of Progressive, will serve as Vice Chairman of the North Louisiana Market for b1BANK.
Transaction Terms
Under the agreement, Business First will issue approximately 3,050,490 shares of common stock to Progressive shareholders, representing about 9.3% ownership in the combined company. Progressive directors and executive officers have agreed to vote in favor of the transaction. Final terms may be subject to adjustment based on the exercise of stock options and Business First’s stock price prior to closing.
The deal is expected to close in the first quarter of 2026, pending regulatory and Progressive shareholder approvals.
Advisors
- Business First was advised by Raymond James & Associates, Inc. and represented legally by Hunton Andrews Kurth LLP.
- Progressive received financial advisory from Mercer Capital and legal counsel from Munck Wilson Mandala LLP.
About Business First Bancshares, Inc.
As of March 31, 2025, Business First Bancshares Inc. (Nasdaq: BFST), through b1BANK, holds $7.8 billion in assets and manages $7.1 billion in assets through its affiliate Smith Shellnut Wilson LLC. With locations across Louisiana and Texas, b1BANK provides commercial and personal banking solutions and is a recognized industry leader, including being a 2024 Mastercard “Innovation Award” winner. www.b1BANK.com
About Progressive Bancorp, Inc.
Progressive Bancorp, Inc. is the parent company of Progressive Bank, which operates nine full-service branches across Louisiana. As of March 31, 2025, Progressive reported $752 million in total assets, $583 million in loans, and $673 million in deposits. www.progressivebank.com