News Summary
b1Bank has entered into an agreement to acquire Progressive Bank for $79.9 million, aiming to strengthen its position in north Louisiana. The deal, which has been approved by both banks’ boards, involves issuing 3 million shares to Progressive’s shareholders. As the merger progresses, b1Bank’s assets are projected to reach $8.5 billion, enhancing its market presence as Louisiana’s largest bank by deposits.
Baton Rouge, Louisiana – b1Bank to Acquire Progressive Bank in Major Deal
b1Bank has announced a definitive agreement to acquire Progressive Bank in a transaction valued at $79.9 million. The acquisition, which aims to enhance b1Bank’s presence in north Louisiana, is anticipated to close in early 2026.
Under the terms of the acquisition, b1Bank will issue over 3 million shares of stock to Progressive’s shareholders, granting them a 9.3% stake in the combined institution. As of the latest data, b1Bank’s stock was trading at $26.20 per share.
The agreement has received unanimous approval from the boards of directors of both financial institutions, signaling strong support for the merger.
Details of the Acquisition
As of June 2024, Progressive Bank held approximately $680.7 million in deposits and operated nine branches throughout Louisiana, including key locations in Winnsboro, Monroe, West Monroe, Bossier City, and Shreveport. This merger is expected to significantly boost b1Bank’s total assets to around $8.5 billion and total loans to over $6.6 billion.
Progressive Bank reported total assets of $752 million, total deposits of $673 million, total loans of $583 million, and equity capital of $65 million as of March 31, 2025. The merger represents a strategic move for b1Bank, positioning it as the largest Louisiana-based bank by total deposits, with nearly $5.6 billion in total deposits.
Leadership and Market Impact
Following the completion of the acquisition, George Cummings III, chairman and CEO of Progressive Bank, is set to join the boards of both b1Bank and Business First Bancshares. Additionally, David Hampton, the current president of Progressive Bank, will take on the role of vice chairman of the north Louisiana market for b1Bank, ensuring continuity of leadership and market knowledge as both institutions merge.
The chairman, president, and CEO of b1Bank, Jude Melville, emphasized that the acquisition will deepen the bank’s footprint in Louisiana and enhance both its deposit and liquidity profiles. b1Bank aims to work towards a seamless integration of the two banks, ultimately improving service capabilities for clients in a competitive financial landscape.
Regulatory Approval Pending
The acquisition is contingent upon approval from financial regulators and the shareholders of Progressive Bank. As part of the transaction, financial and legal advisory roles were performed by Raymond James & Associates and Hunton Andrews Kurth LLP for b1Bank, while Mercer Capital and Munck Wilson Mandala LLP provided advisory services for Progressive Bank.
Background on b1Bank and Progressive Bank
b1Bank is based in Baton Rouge and has established itself as a dominant player in the banking industry in Louisiana. Founded to cater to the growing financial needs of communities, it has expanded its services to better serve both personal and business customers.
Progressive Bank has been a notable banking entity in Louisiana for the last 50 years, highlighting a strong commitment to community banking with its various branches dedicated to personalized customer service. The merger marks a significant development in Louisiana’s banking landscape and reflects ongoing trends in bank consolidation aimed at creating stronger, more resilient financial institutions.
Deeper Dive: News & Info About This Topic
HERE Resources
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Additional Resources
- The Advocate: b1Bank to Acquire Progressive Bank
- Wikipedia: Banking in the United States
- GlobeNewswire: Business First Bancshares to Acquire Progressive Bancorp
- Google Search: Progressive Bank acquisition
- Business Report: b1Bank Expands into North Louisiana
- Encyclopedia Britannica: Banking
- TipRanks: Business First Bancshares to Acquire Progressive Bancorp
- Google News: b1Bank Progressive Bank merger
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