Business First Bancshares Doubles Down with Progressive Bancorp Acquisition
Deal News | Jul 08, 2025 | EIN
Business First Bancshares is set to acquire Progressive Bancorp in a deal valued at approximately $83 million, doubling its presence in northern Louisiana. This marks Business First's sixth acquisition since 2020, aiming to deepen its footprint and market share in Louisiana, expanding to 18 locations. The acquisition is expected to close in early 2026, with Progressive CEO George Cummings III joining Business First's boards. Additionally, Investar, also based in Baton Rouge, has announced its acquisition of First National Bank in Wichita Falls, Texas, for $83 million, furthering its entrance into the Texas market. This move aligns with Investar’s strategy of focusing on community banking. Together, these acquisitions highlight Louisiana's emerging role as a center for small-bank mergers and acquisitions.
Sectors
- Banking & Financial Services
Geography
- United States – The M&A activities highlighted in the article involve banks based in Louisiana and Texas, reflecting the regional focus within the U.S. banking sector.
- Louisiana – Both Business First Bancshares and Investar are headquartered in Baton Rouge, Louisiana, with significant acquisition activities targeting this state.
- Texas – Investar's acquisition of First National Bank in Wichita Falls marks a strategic expansion into the Texas banking market.
Industry
- Banking & Financial Services – The article revolves around mergers and acquisitions in the banking industry, involving small regional banks expanding their footprint through strategic acquisitions.
Financials
- $83 million – The value of Business First Bancshares' acquisition of Progressive Bancorp.
- 3.05 million shares – The number of shares Business First will issue to Progressive shareholders.
- 9.3% – The ownership percentage Progressive shareholders will have in the combined company.
- $83.6 million – The value of Investar's acquisition of First National Bank.
- $32.5 million – The value of Investar's private placement of Series A preferred stock.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Business First Bancshares | Bidding Company | Company | A Baton Rouge-based bank expanding its presence in northern Louisiana through strategic acquisitions. |
| Progressive Bancorp | Target Company | Company | A Louisiana-based bank being acquired by Business First to enhance its regional footprint. |
| Investar | Bidding Company | Company | A Baton Rouge-based bank expanding into Texas through the acquisition of First National Bank. |
| First National Bank | Target Company | Company | A Texas-based bank being acquired by Investar to boost its Texas market presence. |
| George Cummings III | CEO of Progressive Bancorp | Person | Progressive's CEO, joining Business First's board following the acquisition. |
| Jude Melville | CEO of Business First Bancshares | Person | The CEO leading Business First's acquisition strategy. |
| John D'Angelo | CEO of Investar | Person | CEO of Investar, leading the acquisition of First National Bank. |
| Stan Pinkham | CEO of First National Bank | Person | The CEO of First National, set to join Investar post-acquisition. |