b1Bank reaches $79.9M deal to acquire north Louisiana bank | Business

b1Bank said it has reached a $79.9 million deal to acquire north Louisiana-based Progressive Bank.

B1Bank will issue more than 3 million shares of stock to Progressive shareholders, which will give them a 9.3% stake in the business. As of Tuesday morning, b1Bank stock was trading at $26.20 a share.

The deal, which is set to close in early 2026, has received unanimous approval from the board of directors for both banks. It still needs approval from regulators and Progressive shareholders.

Progressive Bank was founded 50 years ago in Winnsboro. The bank has nine branches in Winnsboro, Monroe, West Monroe, Bossier City and Shreveport.

Progressive Bank had $680.7 million in deposits as of June 2024, according to the FDIC.gov. Baton Rouge based b1Bank had nearly $5.6 billion in total deposits.

B1Bank is the largest Louisiana based bank, in terms of total deposits statewide. Officials said the deal will expand the bank’s presence in north Louisiana.

“It deepens our Louisiana footprint, strengthens our deposit and liquidity profiles, and results in an economically strengthened shared franchise,” Jude Melville, b1Bank chairman, president and CEO said in a statement.

Plans are for George Cummings III, chairman and CEO of Progressive Bank, to join the b1 board of directors. David Hampton, the president of Progressive Bank, will become b1Bank’s vice chairman of the north Louisiana market.