Business First Bancshares, Inc. Completes Acquisition of Progressive Bank

Core Viewpoint - Business First Bancshares, Inc. has successfully completed the acquisition of Progressive Bancorp, Inc. and its subsidiary, Progressive Bank, enhancing its market presence and asset base in Louisiana [1][2]. Group 1: Acquisition Details - The acquisition increases Business First's total assets to approximately $8.7 billion, with over $6.6 billion in total loans and $7.2 billion in deposits [2]. - Progressive Bancorp reported total assets of $752 million, deposits of $669 million, and total equity capital of $70 million as of September 30, 2025 [2]. - Under the terms of the agreement, Progressive shareholders received shares of Business First common stock and cash for fractional shares as merger consideration [4]. Group 2: Leadership Changes - Following the acquisition, George Cummings III, Progressive's chairman and CEO, joined the boards of directors for both b1BANK and Business First Bancshares, Inc. [3]. - David Hampton, Progressive's president, has taken on the role of vice chairman of the North Louisiana market at b1BANK [3]. Group 3: Advisory and Legal Support - Raymond James & Associates, Inc. acted as the financial advisor for Business First, while Hunton Andrews Kurth LLP served as its legal counsel [5]. - Mercer Capital Management, Inc. provided financial advisory services to Progressive, with Munck Wilson Mandala, LLP as its legal counsel [5]. Group 4: Company Overview - As of September 30, 2025, Business First Bancshares, Inc. has $8.0 billion in assets and $5.7 billion in assets under management through its affiliate, Smith Shellnut Wilson LLC [6]. - b1BANK operates banking centers and loan production offices across Louisiana and Texas, offering a range of commercial and personal banking products and services [6].