---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-25-022269"
form_type: "8-K"
ticker: "BFST"
cik: "0001624322"
company_name: "Business First Bancshares, Inc."
filed_at: "2025-07-07T23:59:59+00:00"
generated_at: "2026-05-18T09:17:01.578427+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Business First Bancshares to acquire Progressive Bancorp in stock deal valued ~$82.6M

## Summary
- BFST to issue ~3.05M shares for Progressive at fixed exchange ratio of 6.63 BFST shares per Progressive share.
- Deal valued at ~$82.6M based on BFST's July 3 close of $26.19; expected to close early Q1 2026.
- Post-merger assets ~$8.5B, loans ~$6.6B; Progressive had $752M assets, $673M deposits as of Mar 2025.
- Progressive shareholders, including directors/execs owning 30.7%, agreed to vote in favor.
- George Cummings III to join BFST and b1BANK boards; David Hampton to be vice chairman of North Louisiana market.

## SEC filing metadata
- accession: 0001437749-25-022269
- form_type: 8-K
- ticker: BFST
- cik: 0001624322
- company_name: Business First Bancshares, Inc.
- filed_at: 2025-07-07T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1624322/000143774925022269/0001437749-25-022269-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1624322/000143774925022269/bfbi20250703_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-25-022269
- JSON: https://secwatch.observer/filing/0001437749-25-022269.json
- Plain text: https://secwatch.observer/filing/0001437749-25-022269.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.