Business First Bancshares to Acquire Progressive Bancorp
Deal News | Jul 07, 2025 | Globenewswire
Business First Bancshares, Inc., a prominent Louisiana-based bank holding company, has announced an agreement to acquire Progressive Bancorp, Inc. and its subsidiary, Progressive Bank. The acquisition aims to bolster Business First’s presence in the North Louisiana market, expanding the company’s total assets to $8.5 billion, with total loans surpassing $6.6 billion. The merger signifies a strategic alignment between two banks sharing similar cultures and commitment to community-focused, relationship banking. Upon completion, Progressive’s executive leaders are expected to join Business First’s leadership team, ensuring a seamless integration of operations and enhancing service offerings. Financial advisement for the transaction is being provided by Raymond James & Associates, with Hunton Andrews Kurth LLP serving as legal counsel for Business First, while Mercer Capital and Munck Wilson Mandala LLP advise Progressive. Shareholders of Progressive will hold an approximate 9.3% stake in the merged entity, with the transaction’s completion targeted for early 2026, subject to shareholder and regulatory approvals.
Sectors
- Banking
- Financial Services
Geography
- United States – The merger involves U.S.-based companies and impacts the U.S. banking sector, particularly within Louisiana.
- Louisiana – Both Business First Bancshares and Progressive Bancorp are situated in Louisiana, and the transaction heavily affects the banking landscape within the state.
Industry
- Banking – The transaction involves Business First Bancshares, a bank holding company acquiring another banking entity, Progressive Bancorp, which highlights activity within the Banking industry.
- Financial Services – This transaction is a significant corporate activity in the financial services industry, focusing on banking growth and market expansion through mergers and acquisitions.
Financials
- $8.5 billion – Projected total assets for Business First post-acquisition.
- $6.6 billion – Estimated total loans for Business First post-acquisition.
- $752 million – Total assets held by Progressive Bancorp as of March 31, 2025.
- 3,050,490 – Number of shares Business First expects to issue to Progressive shareholders.
- 9.3% – Approximate percentage of the combined company that Progressive shareholders will own post-merger.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Business First Bancshares, Inc. | Bidding Company | Company | The holding company of b1BANK, acquiring Progressive Bancorp to expand its banking assets in Louisiana. |
| Progressive Bancorp, Inc. | Target Company | Company | A bank holding company with its wholly-owned subsidiary, Progressive Bank, being acquired by Business First Bancshares. |
| Raymond James & Associates, Inc. | Financial Advisor to Business First | Company | Provided financial advisement services to Business First Bancshares during the acquisition process. |
| Hunton Andrews Kurth LLP | Legal Counsel to Business First | Company | Served as legal advisors to Business First Bancshares. |
| Mercer Capital | Financial Advisor to Progressive | Company | Provided financial advisement services to Progressive Bancorp. |
| Munck Wilson Mandala LLP | Legal Counsel to Progressive | Company | Served as legal advisors to Progressive Bancorp during the acquisition. |
| Jude Melville | Chairman, President and CEO of Business First | Person | Leading Business First Bancshares and will continue to guide the merged entity post-acquisition. |
| George Cummings III | Chairman and CEO of Progressive | Person | To join the boards of b1BANK and Business First after the merger. |
| David Hampton | President of Progressive | Person | Will become Vice Chairman of the North Louisiana market for b1BANK post-acquisition. |