Baton Rouge, La.-based Business First Bancshares is acquiring Monroe, La.-based Progressive Bancorp and its subsidiary Progressive Bank..The acquisition is expected to close early next year. After the merger, Business First is expected to grow to $8.5 billion in assets with more than $6.6 billion in total loans. Business First Bancshares is the holding company for $7.8 billion b1BANK. As of March 31, the $752 million Progressive Bancorp had $673 million in deposits. Progressive shareholders are expected to own 9.3 percent of the combined company after closing. Business First will issue approximately 3.05 million shares of common stock to the shareholders. “We’re adding talented bankers who are well-established in communities that are important to us,” said Jude Melville, chair, president and CEO of Business First Bancshares. “It deepens our Louisiana footprint, strengthens our deposit and liquidity profiles, and results in an economically strengthened shared franchise. We will, together, more thoroughly serve our respective clients in what is an increasingly competitive arena.” St. Petersburg, Fla.-based Raymond James & Associates was financial adviser to Business First, while Richmond, Va.-based Hunton Andrews Kurth LLP provided legal counsel. Memphis-based Mercer Capital was financial adviser for Progressive, while Dallas-based Munck Wilson Mandala LLP was legal counsel to the company.
