Business First Bancshares, Inc. Announces Agreement to Acquire Progressive Bancorp, Inc. and Progressive Bank

Core Viewpoint - Business First Bancshares, Inc. has signed a definitive agreement to acquire Progressive Bancorp, Inc. and its subsidiary, Progressive Bank, which will enhance its market position and asset base in Louisiana [1][2]. Company Overview - Business First Bancshares, Inc. currently has approximately $7.8 billion in assets and $7.1 billion in assets under management as of March 31, 2025 [7]. - Progressive Bancorp, Inc. reported total assets of $752 million, deposits of $673 million, and equity capital of $65 million as of March 31, 2025 [2][9]. Transaction Details - The acquisition is expected to increase Business First's total assets to approximately $8.5 billion and total loans to over $6.6 billion [2]. - Business First plans to issue approximately 3,050,490 shares of common stock to Progressive shareholders, who will own about 9.3% of the combined company post-closing [4]. - The transaction has received unanimous approval from both companies' boards of directors and is expected to close early in the first quarter of 2026, pending regulatory and shareholder approvals [5]. Strategic Implications - The acquisition aims to deepen Business First's footprint in Louisiana, strengthen its deposit and liquidity profiles, and enhance its ability to serve clients in a competitive market [3]. - The partnership is expected to combine shared values and complementary strategies, allowing both companies to leverage greater resources and capabilities [3].