Business First Bancshares, Inc. Completes Acquisition of Progressive Bank

Business First Bancshares (Nasdaq: BFST) completed its acquisition of Progressive Bancorp and Progressive Bank on January 5, 2026, expanding b1BANK's footprint across Louisiana.

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.

Argus Jan 5 session

+1.31% close to close Open Argus

Details

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.

Market Context

This announcement finalizes the Progressive Bancorp acquisition, lifting Business First’s assets to ...

Analysis

This announcement finalizes the Progressive Bancorp acquisition, lifting Business First’s assets to about $8.7 billion, loans to over $6.6 billion, and deposits to $7.2 billion, while adding nine North Louisiana locations. It follows the July 2025 agreement announcement and supports the bank’s expansion within its existing footprint. Investors may focus on integration progress, changes in asset quality, and how the combined loan and deposit base contribute to future earnings, alongside previously disclosed capital actions like the stock repurchase program.

Key Figures

Total assets post‑deal: $8.7 billion Total loans: $6.6 billion Total deposits: $7.2 billion +4 more

Total assets post‑deal

$8.7 billion

Business First total assets after Progressive acquisition

Total loans

$6.6 billion

Business First loans after acquisition

Total deposits

$7.2 billion

Business First deposits after acquisition

New locations

9 locations

Additional North Louisiana branches from Progressive

Progressive assets

$752 million

Progressive total assets as of Sept. 30, 2025

Progressive deposits

$669 million

Progressive deposits as of Sept. 30, 2025

Progressive equity capital

$70 million

Progressive total equity capital as of Sept. 30, 2025

Historical Context

5 past events · Latest: Oct 28

5 events

1. Oct 28

   Stock repurchase plan

   24h Move

   +1.1%

   Board authorized up to $30M common stock repurchases over 24 months.

2. Oct 23

   Q3 2025 earnings

   24h Move

   +0.0%

   Reported Q3 net income of $21.5M and declared common and preferred dividends.

3. Oct 01

   Earnings call notice

   24h Move

   -1.1%

   Scheduled Q3 2025 earnings release and conference call for October 23, 2025.

4. Jul 28

   Q2 2025 earnings

   24h Move

   -2.4%

   Strong Q2 results and initial announcement of Progressive Bancorp acquisition.

5. Jul 15

   Leadership promotion

   24h Move

   -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.

Key Terms

common stock, merger consideration, securities and exchange commission

3 terms

common stock financial

"Progressive shareholders received shares of Business First common stock and cash in lieu..."

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

merger consideration financial

"cash in lieu of fractional shares as merger consideration."

Merger consideration is the total payment a company or buyer offers to shareholders of a target company in exchange for combining the two businesses, and can include cash, shares in the surviving company, debt assumption, or a mix of these. Investors care because the form and amount affect the deal’s value, tax consequences, immediate cash received versus future ownership, and the risk and upside of holding new shares — similar to choosing between cash now or stock that could grow later.

securities and exchange commission regulatory

"Additional information... filed with the Securities and Exchange Commission (“SEC”)."

A national government agency that enforces rules for buying, selling and disclosing information about stocks and other investments, acting like a referee and scorekeeper for financial markets. It requires companies to share clear, regular financial and business information and investigates fraud or rule-breaking, which matters to investors because those rules and disclosures help ensure fair prices, reduce hidden risks and make it easier to compare investment choices.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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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 $8.7 billion with more than $6.6 billion in total loans and $7.2 billion in deposits, and expands b1BANK’s presence across Louisiana, including nine additional North Louisiana locations. As of September 30, 2025, Progressive reported total assets of $752 million, deposits of $669 million and total equity capital of $70 million.

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 $8.0 billion in assets and $5.7 billion in assets under management through b1BANK’s affiliate Smith Shellnut Wilson LLC (SSW), not including $0.9 billion of b1BANK assets managed by SSW. b1BANK operates banking centers and loan production offices in markets across Louisiana and Texas, providing commercial and personal banking products and services. b1BANK is a 2024 Mastercard “Innovation Award” winner and multiyear winner of American Banker Magazine’s “Best Banks to Work For.” Visit b1BANK.com for more information.

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

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

When did Business First (BFST) complete the acquisition of Progressive Bank?

The acquisition was completed on January 5, 2026.

What are Business First's pro forma assets, loans, and deposits after the Progressive Bank deal?

Pro forma totals are approximately $8.7B in assets, $6.6B in loans, and $7.2B in deposits.

How much in assets and deposits did Progressive report before the merger with BFST?

As of September 30, 2025 Progressive reported $752M in assets and $669M in deposits.

What consideration did Progressive shareholders receive in the BFST merger?

Progressive shareholders received Business First common stock, with cash paid for fractional shares.

How did the acquisition change b1BANK's branch presence in North Louisiana?

The transaction added nine additional North Louisiana locations to b1BANK.

Did Progressive executives join Business First leadership after the acquisition?

Yes. George Cummings III joined both boards, and David Hampton joined b1BANK as vice chairman of the North Louisiana market.