Louisiana-based Business First Bancshares, the parent company of b1BANK, has agreed to acquire local peer Progressive Bancorp and its subsidiary, Progressive Bank.
This acquisition will lift Business First’s total assets to roughly $8.5bn, including over $6.6bn in loans.
Go deeper with GlobalData
Business First will issue approximately 3,050,490 shares of common stock to Progressive shareholders, who will hold about 9.3% of the merged entity upon deal completion.
The transaction is expected to finalise in early 2026, pending regulatory approvals and consent from Progressive shareholders.
Progressive Bancorp, through its nine full-service branches in Louisiana, provides a comprehensive suite of banking products and services.
As of March 31, 2025, Progressive Bancorp reported total assets of $752m, with deposits of $673m and equity capital of $65m.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThe merger will enhance b1BANK’s presence in North Louisiana.
Progressive chairman and CEO George Cummings III said: “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.”
Following the merger, Cummings will join the boards of directors for both b1BANK and Business First Bancshares, while David Hampton, president of Progressive, will become vice chairman for b1BANK’s North Louisiana market.
Business First Bancshares chairman, president and CEO Jude Melville said: “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.”
As of March 31, 2025, Business First Bancshares reported $7.8bn in assets through b1BANK and $7.1bn in assets under management via its affiliate, Smith Shellnut Wilson (SSW).
b1BANK operates banking centres and loan production offices across Louisiana and Texas, offering a variety of commercial and personal banking services.
