One of Louisiana's largest banks, based in Baton Rouge, has announced a deal to purchase Progressive Bank. b1Bank is set to close the purchase in early 2026. The transaction must be approved by 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.
The move by b1Bank will expand the bank's presence in north Louisiana.
As of June 2024 the FDIC reports Progressive Bank had $680.7 million in deposits. b1Bank had over $5.5 billion in total deposits.
Many small rural north Louisiana banks have expanded to the Shreveport Bossier market in recent years as their population and deposit bases declined. Such is the case with Progressive Bank, Bank of Coushatta, City Bank & Trust and others.
The banking market south of I-10 is very competitive with local, regional and national financial institutions vying for deposits and loans. This move by a south Louisiana bank is one example of intensifying efforts by banks to grow and increase bottom line earnings.
This announcement will most likely trigger other bank purchases in north Louisiana in the next few years. This will inevitably mean branch closings and personnel cuts as a part of the national trend to expand online banking.
John came to Shreveport in January of 1977 when he was transferred to Barksdale AFB.
He’s been active in Shreveport politics since deciding to make Shreveport his home.
John practiced law for 40 years and he now monitors local politics. He regularly attends Shreveport City Council and Caddo Parish Commission meetings.
John is published weekly in The Inquisitor, bi-monthly in The Forum News, and frequently in the Shreveport Times.
He enjoys addressing civic groups on local government issues and elections.