Business First Bancshares to acquire Progressive Bancorp

Business First Bancshares (BFST) announced the signing of a definitive agreement to acquire Progressive Bancorp and its wholly-owned bank subsidiary, Progressive Bank. Once completed, the acquisition is expected to increase Business First’s total assets to approximately $8.5B, with over $6.6B in total loans. As of March 31, Progressive reported total assets of $752M, deposits of $673M, and equity capital of $65M. 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. 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% 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.