Business First Bancshares, Inc. Completes Acquisition of Progressive Bank
Rhea-AI Summary
Business First Bancshares (Nasdaq: BFST) completed its acquisition of Progressive Bancorp and Progressive Bank on January 5, 2026, expanding b1BANK's footprint across Louisiana.
The transaction increases Business First's pro forma totals to approximately $8.7 billion in assets, $6.6 billion in total loans, and $7.2 billion in deposits, and adds nine North Louisiana locations. Progressive's reported balances as of September 30, 2025 were $752 million in assets, $669 million in deposits, and $70 million in total equity capital.
Progressive shareholders received Business First common stock (with cash for fractional shares). George Cummings III and David Hampton joined Business First/b1BANK leadership roles; advisors and legal counsel for both parties were disclosed.
Positive
- Pro forma total assets of $8.7 billion
- Pro forma total loans of $6.6 billion
- Pro forma deposits of $7.2 billion
- Adds 9 North Louisiana branch locations
- Acquired business contributed $752M assets and $669M deposits
Negative
- None.
News Market Reaction – BFST
In the Jan 5 session, BFST gained 1.31%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Oct 28 | Stock repurchase plan | Positive | +1.1% | Board authorized up to $30M common stock repurchases over 24 months. |
| Oct 23 | Q3 2025 earnings | Positive | +0.0% | Reported Q3 net income of $21.5M and declared common and preferred dividends. |
| Oct 01 | Earnings call notice | Neutral | -1.1% | Scheduled Q3 2025 earnings release and conference call for October 23, 2025. |
| Jul 28 | Q2 2025 earnings | Positive | -2.4% | Strong Q2 results and initial announcement of Progressive Bancorp acquisition. |
| Jul 15 | Leadership promotion | Positive | -3.3% | Promotion of Heather Roemer to Executive VP and Chief Administrative Officer. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Recent news shows mixed price reactions: positive items like buybacks and earnings sometimes aligned with modest gains but also saw notable selloffs, suggesting investors react selectively to growth and capital actions.
Over the last six months, Business First Bancshares reported solid quarterly results, including Q2 and Q3 2025 net income above $20M with stable net interest margin around 3.68%. The bank announced a $30M stock repurchase program effective Oct. 28, 2025, and promoted a new Chief Administrative Officer to support future integrations. In July 2025, it disclosed the planned acquisition of Progressive Bancorp, highlighting $752M in acquired assets. Today’s completion of that deal follows through on this previously signaled M&A strategy.
Key Terms
common stock financial
merger consideration financial
securities and exchange commission regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
BATON ROUGE, La., Jan. 05, 2026 (GLOBE NEWSWIRE) -- Business First Bancshares, Inc. (Nasdaq: BFST) (Business First), the holding company for b1BANK, announced today the successful completion of its previously announced acquisition of Progressive Bancorp, Inc. (Progressive) and its wholly-owned bank subsidiary, Progressive Bank.
“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. We look forward to contributing to North Louisiana’s success by together serving clients across the region more deeply than either of us could on our own.”
The acquisition increases Business First’s total assets to approximately
Upon completion of the transaction, George Cummings III, Progressive’s chairman and CEO, joined both the b1BANK and Business First Bancshares, Inc. boards of directors. David Hampton, Progressive’s president, joined b1BANK as vice chairman of the North Louisiana market.
Under the terms of the definitive agreement, Progressive shareholders received shares of Business First common stock and cash in lieu of fractional shares as merger consideration. Additional information regarding the transaction is available in prior disclosures filed with the Securities and Exchange Commission (“SEC”).
Raymond James & Associates, Inc. acted as financial advisor, and Hunton Andrews Kurth LLP served as legal counsel to Business First. Mercer Capital Management, Inc. served as financial advisor, and Munck Wilson Mandala, LLP served as legal counsel to Progressive.
About Business First Bancshares Inc.
As of September 30, 2025, Business First Bancshares, Inc. (Nasdaq: BFST), through its banking subsidiary b1BANK, has
Additional Information
For additional information on Business First, you may obtain Business First’s reports that are filed with the SEC free of charge by using the SEC’s EDGAR service on the SEC’s website at www.sec.gov or by contacting the SEC for further information at 1-800-SEC-0330. Alternatively, these documents can be obtained free of charge from Business First by directing a request to: Business First Bancshares, Inc., 500 Laurel Street, Suite 100, Baton Rouge, Louisiana 70801, Attention: Corporate Secretary.
Misty Albrecht
b1BANK
225.286.7879
media@b1BANK.com
