B1Bank will expand its north Louisiana footprint with this acquisition

Baton Rouge-based Business First Bancshares Inc., the holding company for b1Bank, on Tuesday announced that it has signed a definitive agreement to acquire Progressive Bancorp Inc. and its wholly owned bank subsidiary, Progressive Bank.

Progressive operates nine full-service branches across north Louisiana. As of March 31, the bank had $752 million in total assets, $673 million in total deposits, $583 million in total loans and $65 million in shareholders’ equity.

Once completed, the acquisition will increase the total assets of Business First to roughly $8.5 billion with more than $6.6 billion in total loans. The deal is expected to close in Q1 2026, pending approval by regulators and Progressive shareholders.

“This 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,” a statement from b1Bank reads.

Progressive Chair and CEO George Cummings III will join both the Business First and b1Bank boards of directors upon the acquisition’s completion. Progressive President David Hampton will join b1Bank as vice chair of the north Louisiana market.

Business First is expected to issue about 3,050,490 shares of common stock to Progressive shareholders, who will own roughly 9.3% of the combined company after closing. Those figures 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.

Read more about what’s on the horizon for b1Bank here.