News Summary
Business First Bancshares has announced its intent to acquire Progressive Bancorp for approximately $83 million, a strategic move expected to double its footprint in northern Louisiana. This deal mirrors an increase in bank mergers in the region, with Investar Bank also planning to acquire First National Bank, indicating a notable trend in the financial landscape. The acquisition will enhance operational efficiency and market share for Business First, further solidifying its presence in northern Louisiana’s banking sector.
Baton Rouge – Business First Bancshares has announced plans to acquire Progressive Bancorp for approximately $83 million, a strategic move aimed at doubling its operational footprint in northern Louisiana. This acquisition is indicative of a growing trend of bank mergers and acquisitions in the region, underscoring the shifts within Louisiana’s financial landscape.
The deal follows another major acquisition in the area as Investar Bank has revealed its own plans to acquire First National Bank in Wichita Falls, Texas, also valued at around $83 million. The recent surge in bank combinations comes amid an uptick in merger and acquisition activity in 2025, but it has not reached the heights some analysts might have predicted.
Under the terms of the agreement, Business First will acquire Progressive Bancorp, which operates nine branches across key northern Louisiana cities including Shreveport, Monroe, Bossier City, and Winnsboro. Upon completion of the acquisition, Business First will operate a total of 18 locations in the northern region of the state. This expansion will also increase Business First’s market share, with Progressive holding 5% of the deposits across the counties it serves, a significant boost from Business First’s current 2.3% share.
Business First Bancshares CEO Jude Melville highlighted the complementary strategies and shared values between the two banks, which are expected to enhance their service delivery and operational efficiency post-merger. This acquisition is also set to be Business First’s sixth since 2020, solidifying its reputation as an active player in the banking sector and a frequent acquirer of other institutions.
The transaction is projected to close in early 2026 and will increase Business First’s total assets to an estimated $8.5 billion. To facilitate the acquisition, Business First plans to issue over 3.05 million shares to Progressive Bancorp shareholders, who will then own approximately 9.3% of the combined entity. As part of the transaction, Progressive’s CEO George Cummings III is set to join the boards of Business First and its subsidiary, b1BANK.
In terms of operational synergies, Business First anticipates achieving 45% savings in Progressive’s operating expenses through the merger. This efficiency is expected to be 10% accretive to earnings by 2026, highlighting the financial benefits that both institutions aim to realize as a result of the deal.
The Investar acquisition mirrors this growing trend within the banking sector. By acquiring First National Bank, Investar aims to expand its footprint in Texas and add $1.2 billion in deposits to its portfolio. This acquisition will also contribute two mortgage offices and a total of seven branches, bringing Investar’s total assets to over $4 billion and increasing its deposit base to more than $3.5 billion across 36 branches.
Jim D’Angelo, the CEO of Investar, emphasized that both institutions share a focus on community banking principles, aiming to maintain existing staff while nurturing personal customer relationships as they move forward post-merger.
As this wave of acquisitions unfolds in Baton Rouge and beyond, industry analysts will be closely watching how these changes reshape the banking landscape in Louisiana, particularly in terms of market dynamics, competition, and customer service.
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Additional Resources
- Banking Dive
- Wikipedia: Bank mergers and acquisitions
- American Banker
- Google Search: Louisiana bank mergers
- The Advocate
- Google Scholar: banking acquisitions Louisiana
- Business Report
- Encyclopedia Britannica: Banking
- WBRZ
- Google News: Bank acquisitions Louisiana
Author: STAFF HERE SHREVEPORT WRITER
The SHREVEPORT STAFF WRITER represents the experienced team at HEREShreveport.com, your go-to source for actionable local news and information in Shreveport, Caddo Parish, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Mudbug Madness Festival, Red River Revel Arts Festival, and Independence Bowl. Our coverage extends to key organizations like the Shreveport-Bossier Chamber of Commerce and Shreveport Regional Arts Council, plus leading businesses in gaming, healthcare, and energy that power the local economy such as Horseshoe Casino, Ochsner LSU Health, and Atmos Energy. As part of the broader HERE network, including HEREBatonRouge.com and HERENewOrleans.com, we provide comprehensive, credible insights into Louisiana's dynamic landscape.
