Business First Bancshares, Inc. Material Event - What Happened

Hey there! Let's break down what's been going on with Business First Bancshares, Inc. in a way that makes sense, without all the confusing finance talk. Think of this as me explaining the news to you over a cup of coffee.

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1. What happened? (The actual event, in plain English)

Business First Bancshares, Inc. (BFST), which is the company that owns Business First Bank (b1BANK), just announced a big move: they officially completed their acquisition of Progressive Bancorp, Inc. This means Progressive Bancorp, and its bank subsidiary Progressive Bank, have now become part of Business First Bancshares and its bank, b1BANK. Think of it like Business First Bancshares buying out Progressive and bringing them under their umbrella.

Specifically, Progressive Bancorp merged directly into Business First Bancshares, and immediately after, Progressive Bank merged into b1BANK. Business First Bancshares and b1BANK are the surviving companies.

2. When did it happen?

This big step officially took place on January 1, 2026, though the news was reported on January 5, 2026. The agreement to make this happen was originally announced back on July 7, 2025.

3. Why did it happen? (The backstory and reasons)

While the official filing doesn't spell out every detail, this kind of move is typically about getting bigger and stronger. By bringing Progressive Bancorp into the fold, Business First Bancshares likely aims to:

• Expand their reach: Grow their customer base and increase their presence in certain regions where Progressive Bank operated.
• Offer more services: Potentially broaden their product offerings to a larger combined customer base.
• Become more efficient: Combining operations can sometimes lead to cost savings and more streamlined processes in the long run.

It's a strategic play to grow their business and become a more significant player in the banking world.

4. Why does this matter? (The "So What?")

This isn't just some boring corporate announcement; it actually has real-world implications:

• For the company itself: This means Business First Bancshares just got significantly larger. They've absorbed another banking entity, which could lead to increased market share, more assets, and potentially greater profitability. It's a major growth milestone in their overall business strategy.
• For the banking landscape: Depending on the areas where Progressive Bank operated, this acquisition could change who the major banks are, affecting competition and potentially even interest rates or service offerings in those communities.

5. Who is affected?

A big event like this touches a lot of people:

• Customers: If you banked with Progressive Bank, you're now officially a customer of b1BANK. This means your accounts, services, and potentially even branch locations will transition to b1BANK. Hopefully, this means a smooth transition and potentially even better service or new features!
• Employees: Employees of Progressive Bancorp and Progressive Bank are now part of the Business First Bancshares family. This often means new teams, systems, and opportunities as the companies integrate.
• Investors/Shareholders: People who owned stock in Progressive Bancorp received shares of Business First Bancshares stock as part of the deal (specifically, 6.6300 shares of BFST for each Progressive share). This means they are now investors in the larger, combined company. Business First Bancshares shareholders now own a bigger company with more assets, and will be watching closely to see how this impacts the value of their shares.
• Leadership: George W. Cummings III, who was likely a key figure at Progressive, has joined the boards of both Business First Bancshares and b1BANK, bringing his experience to the combined entity.

6. What happens next? (Immediate and future steps)

Now that the merger is complete, the focus shifts to integration. This is the complex process of combining all the systems, operations, and teams of Progressive Bancorp and Progressive Bank into Business First Bancshares and b1BANK. This can take many months, sometimes over a year, ensuring a smooth transition for customers and employees.

Expect more communications from b1BANK about what this means for former Progressive Bank customers, including details on account transitions, online banking access, and branch operations.

7. What should investors/traders know? (Practical takeaways)

If you're someone who trades stocks or has investments, here's what to keep in mind:

• The deal is done: The uncertainty around whether the merger would close is over, which can sometimes reduce short-term volatility related to the deal's completion.
• New shares issued: Business First Bancshares issued approximately 3.197 million new shares of its common stock to complete this acquisition. This increases the total number of BFST shares outstanding, which is something to consider when evaluating the company's per-share metrics.
• Growth potential: This acquisition is a significant growth move for Business First Bancshares. Investors will be watching closely to see how successfully the two companies integrate and how this impacts Business First Bancshares' financial performance (like earnings and revenue) in the coming quarters and years.
• Watch for updates: Keep an eye on official company announcements and financial news outlets for more information on how the integration is unfolding and what the financial impact is expected to be.