---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-26-000182"
form_type: "8-K"
ticker: "BFST"
cik: "0001624322"
company_name: "Business First Bancshares, Inc."
filed_at: "2026-01-05T23:59:59+00:00"
generated_at: "2026-05-16T11:40:10.745429+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Business First Bancshares completes acquisition of Progressive Bancorp

## Summary
- Closed Jan 1, 2026; Progressive shareholders received ~3.2M BFST shares (6.63x exchange ratio).
- Combined assets ~$8.7B, loans $6.6B, deposits $7.2B; adds 9 North Louisiana branches.
- Progressive reported $752M assets, $669M deposits, $70M equity as of Sep 30, 2025.
- George Cummings III (ex-Progressive CEO) joins BFST and b1BANK boards; David Hampton named vice chairman of North LA market.

## SEC filing metadata
- accession: 0001437749-26-000182
- form_type: 8-K
- ticker: BFST
- cik: 0001624322
- company_name: Business First Bancshares, Inc.
- filed_at: 2026-01-05T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 2.01, 5.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1624322/000143774926000182/0001437749-26-000182-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1624322/000143774926000182/bfbi20251231_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-26-000182
- JSON: https://secwatch.observer/filing/0001437749-26-000182.json
- Plain text: https://secwatch.observer/filing/0001437749-26-000182.txt

## Source-grounded claims
- claim_id: 0d1ab766230258dcef49115d2c43d9da6a46c56e
  claim: Business First Bancshares, Inc. completed an acquisition involving Progressive Bancorp, Inc. for approximately 3,197,185 shares of BFST common stock (closed 2026-01-01).
  evidence_excerpt: stock underlying such Progressive restricted stock award, without interest. The total aggregate consideration delivered to holders of Progressive common stock was approximately 3,197,185 shares of BFST common stock. The issuance of shares of BFST common stock in connection with the Merger was registered under the Securities Act of 1933, as amended (the “Securities
  evidence_url: https://www.sec.gov/Archives/edgar/data/1624322/000143774926000182/0001437749-26-000182-index.htm

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