Business First Bancshares, the holding company for b1Bank, has completed its acquisition of Progressive Bancorp Inc. and its wholly owned subsidiary, Progressive Bank, expanding the Baton Rouge-based company’s footprint across north Louisiana.
The deal, which closed Monday, increases Business First’s total assets to approximately $8.7 billion, with more than $6.6 billion in total loans and $7.2 billion in deposits, and adds nine Progressive locations in north Louisiana. As of Sept. 30, Progressive reported $752 million in total assets, $669 million in deposits and $70 million in total equity capital.
The deal was first announced over the summer.
Progressive Chairman and CEO George Cummings III has joined the boards of both b1Bank and Business First Bancshares, while Progressive President David Hampton has been named vice chairman of b1Bank’s north Louisiana market.
