b1BANK Completes Progressive Acquisition, Creates $8.7B Louisiana Powerhouse

BATON ROUGE, La. – January 05, 2026 – Business First Bancshares, Inc. (Nasdaq: BFST), the parent company of b1BANK, has officially finalized its acquisition of Progressive Bancorp, Inc., and its subsidiary, Progressive Bank. The deal, completed on January 5, 2026, marks a significant consolidation in the Louisiana banking sector, creating a combined institution with approximately $8.7 billion in assets and a greatly expanded presence in the northern part of the state.

The transaction integrates Progressive’s nine North Louisiana locations into the b1BANK network, immediately boosting the bank's regional density and market share. The new, larger entity now holds over $6.6 billion in total loans and $7.2 billion in deposits, positioning it as a formidable player in the regional financial landscape.

“We love this opportunity to build upon the investments we’ve made for many years in this important part of our footprint,” said Jude Melville, chairman, president and CEO of Business First. “Our teams have known each other for a long time and, given the similar cultural approaches and priorities of our respective organizations, it feels to me very much like coming home.”

A Strategic Reshaping of the Banking Map

This acquisition is more than a simple expansion; it is a calculated strategic move to solidify b1BANK's standing as a dominant, Louisiana-based financial institution. Prior to the merger, Business First Bancshares held approximately $8.0 billion in assets as of September 30, 2025. The addition of Progressive Bank, which reported $752 million in assets and $669 million in deposits for the same period, provides immediate and substantial scale.

Financial analysts had viewed Business First favorably leading up to the transaction. The company reported strong Q3 2025 earnings that surpassed expectations and maintained a solid financial health score. Several analysts had issued “Buy” or “Outperform” ratings on BFST stock, citing its strong momentum and valuation, indicating that the bank was entering the acquisition from a position of strength. The merger is expected to unlock significant synergies, with management aiming to streamline back-office operations, technology platforms, and administrative functions to improve efficiency.

By enhancing its market density, particularly in North Louisiana, b1BANK is better positioned to compete against both larger national banks and other regional competitors. The increased asset base and lending capacity will allow the bank to service larger commercial clients while leveraging Progressive’s established local relationships to deepen its retail and small business banking footprint.

Integrating Cultures and Leadership

A critical component of the merger's anticipated success lies in the cultural alignment and leadership integration. Mergers and acquisitions in banking can often be fraught with challenges related to clashing corporate cultures, but b1BANK's leadership has emphasized the shared values and long-standing professional relationships between the two organizations.

To ensure continuity and retain valuable local expertise, key figures from Progressive’s leadership team have been appointed to significant roles within the new structure. George Cummings III, the former chairman and CEO of Progressive with over 45 years of banking experience, has joined the boards of directors for both b1BANK and its parent company, Business First Bancshares. His deep industry knowledge is expected to be a valuable asset at the highest level of governance.

Furthermore, David Hampton, Progressive’s former president, has been named vice chairman of b1BANK's North Louisiana market. This move signals a commitment to maintaining strong, localized leadership and ensuring that the needs of the community and its customers remain a top priority during the transition. For customers of the former Progressive Bank, this leadership continuity is intended to provide a stable and familiar presence, mitigating concerns that often accompany bank mergers.

A Blueprint for Regional Bank Consolidation

The b1BANK-Progressive deal serves as a microcosm of a broader trend sweeping the American banking industry: consolidation. Regional and community banks face increasing pressure from multiple fronts, including the high cost of regulatory compliance, the need for significant investment in digital technology to meet consumer expectations, and intense competition from money-center megabanks.

For smaller institutions like Progressive Bank, merging with a larger, well-capitalized regional player like b1BANK offers a path to not only survive but thrive. The transaction allows the combined entity to spread costs over a larger asset base, fund necessary technological upgrades, and offer a more diverse suite of products, including sophisticated wealth management and commercial lending services that may have been beyond Progressive’s standalone capacity.

Under the terms of the agreement, Progressive shareholders received shares of Business First common stock, making them part-owners of the combined company. This stock-based consideration, which resulted in the issuance of approximately 3.05 million BFST shares, aligns the interests of the former Progressive owners with the long-term success of the newly enlarged b1BANK. This structure is a common feature in strategic mergers designed to foster a sense of partnership rather than a simple buyout, further reinforcing the collaborative tone emphasized by leadership.

The successful navigation of the regulatory approval process with the SEC, the Federal Reserve Board, and the Louisiana Office of Financial Institutions underscores the soundness of the deal's structure and strategic rationale. With all approvals secured and the transaction now complete, the focus shifts to the complex task of operational integration and delivering on the promise of creating a stronger, more capable bank for Louisiana. Melville’s forward-looking statement captured this ambition, expressing a desire to “contribute to North Louisiana’s success by together serving clients across the region more deeply than either of us could on our own.”