Business First Bancshares, Inc. (BFST) announced the signing of a definitive agreement to acquire Progressive Bancorp, Inc. and its wholly-owned bank subsidiary, Progressive Bank.
Once completed, the acquisition is expected to increase Business First Bancshares’ total assets to approximately $8.5 billion and the total loans will exceed $6.6 billion.
Under the definitive agreement, Business First Bancshares expects to issue approximately 3,050,490 shares of common stock to Progressive shareholders. Progressive shareholders will own approximately 9.3 percent of the combined company after closing.
The transaction is expected to close early in the first quarter of 2026.
Upon completion of the proposed transaction, Cummings will join both the b1BANK (B1BK) and Business First Bancshares boards of directors.