diff --git a/ledger-tool/src/program.rs b/ledger-tool/src/program.rs
index 66d18f126ad099..149335aea1372f 100644
--- a/ledger-tool/src/program.rs
+++ b/ledger-tool/src/program.rs
@@ -551,7 +551,7 @@ pub fn program(ledger_path: &Path, matches: &ArgMatches<'_>) {
             .clone(),
     );
     for key in cached_account_keys {
-        loaded_programs.replenish(key, bank.load_program(&key));
+        loaded_programs.replenish(key, bank.load_program(&key, None));
         debug!("Loaded program {}", key);
     }
     invoke_context.programs_loaded_for_tx_batch = &loaded_programs;
diff --git a/runtime/src/bank.rs b/runtime/src/bank.rs
index 8c5e06ac556dc6..fdde130ce752d4 100644
--- a/runtime/src/bank.rs
+++ b/runtime/src/bank.rs
@@ -1445,8 +1445,16 @@ impl Bank {
                 new.update_epoch_stakes(leader_schedule_epoch);
                 // Recompile loaded programs one at a time before the next epoch hits
                 let (_epoch, slot_index) = new.get_epoch_and_slot_index(new.slot());
-                let loaded_programs_cache = new.loaded_programs_cache.write().unwrap();
+                let mut loaded_programs_cache = new.loaded_programs_cache.write().unwrap();
                 if !loaded_programs_cache.programs_to_recompile.is_empty() {
+                    if let Some((key, program_to_recompile)) =
+                        loaded_programs_cache.programs_to_recompile.pop()
+                    {
+                        drop(loaded_programs_cache);
+                        let recompiled = new.load_program(&key, Some(program_to_recompile));
+                        let mut loaded_programs_cache = new.loaded_programs_cache.write().unwrap();
+                        loaded_programs_cache.replenish(key, recompiled);
+                    }
                 } else if slot_index.saturating_add(
                     solana_program_runtime::loaded_programs::MAX_LOADED_ENTRY_COUNT
                         .checked_div(2)
@@ -4715,20 +4723,34 @@ impl Bank {
         ProgramAccountLoadResult::InvalidAccountData
     }
 
-    pub fn load_program(&self, pubkey: &Pubkey) -> Arc<LoadedProgram> {
+    pub fn load_program(
+        &self,
+        pubkey: &Pubkey,
+        recompile: Option<Arc<LoadedProgram>>,
+    ) -> Arc<LoadedProgram> {
         let environments = self
             .loaded_programs_cache
             .read()
             .unwrap()
             .environments
             .clone();
+        let program_runtime_environment_v1 = if recompile.is_some() {
+            environments.upcoming_program_runtime_v1.as_ref().unwrap()
+        } else {
+            &environments.program_runtime_v1
+        };
+        let program_runtime_environment_v2 = if recompile.is_some() {
+            environments.upcoming_program_runtime_v2.as_ref().unwrap()
+        } else {
+            &environments.program_runtime_v2
+        };
 
         let mut load_program_metrics = LoadProgramMetrics {
             program_id: pubkey.to_string(),
             ..LoadProgramMetrics::default()
         };
 
-        let loaded_program = match self.load_program_accounts(pubkey) {
+        let mut loaded_program = match self.load_program_accounts(pubkey) {
             ProgramAccountLoadResult::AccountNotFound => Ok(LoadedProgram::new_tombstone(
                 self.slot,
                 LoadedProgramType::Closed,
@@ -4748,7 +4770,7 @@ impl Bank {
                     program_account.owner(),
                     program_account.data().len(),
                     0,
-                    environments.program_runtime_v1.clone(),
+                    program_runtime_environment_v1.clone(),
                 )
             }
 
@@ -4773,7 +4795,7 @@ impl Bank {
                             .len()
                             .saturating_add(programdata_account.data().len()),
                         slot,
-                        environments.program_runtime_v1.clone(),
+                        program_runtime_environment_v1.clone(),
                     )
                 }),
 
@@ -4784,7 +4806,7 @@ impl Bank {
                     .and_then(|elf_bytes| {
                         LoadedProgram::new(
                             &loader_v4::id(),
-                            environments.program_runtime_v2.clone(),
+                            program_runtime_environment_v2.clone(),
                             slot,
                             slot.saturating_add(DELAY_VISIBILITY_SLOT_OFFSET),
                             None,
@@ -4796,25 +4818,36 @@ impl Bank {
                     })
                     .unwrap_or(LoadedProgram::new_tombstone(
                         self.slot,
-                        LoadedProgramType::FailedVerification(environments.program_runtime_v2),
+                        LoadedProgramType::FailedVerification(
+                            program_runtime_environment_v2.clone(),
+                        ),
                     ));
                 Ok(loaded_program)
             }
 
             ProgramAccountLoadResult::InvalidV4Program => Ok(LoadedProgram::new_tombstone(
                 self.slot,
-                LoadedProgramType::FailedVerification(environments.program_runtime_v2),
+                LoadedProgramType::FailedVerification(program_runtime_environment_v2.clone()),
             )),
         }
         .unwrap_or_else(|_| {
             LoadedProgram::new_tombstone(
                 self.slot,
-                LoadedProgramType::FailedVerification(environments.program_runtime_v1),
+                LoadedProgramType::FailedVerification(program_runtime_environment_v1.clone()),
             )
         });
 
         let mut timings = ExecuteDetailsTimings::default();
         load_program_metrics.submit_datapoint(&mut timings);
+        if let Some(recompile) = recompile {
+            loaded_program.effective_slot = self
+                .epoch_schedule()
+                .get_first_slot_in_epoch(self.epoch.saturating_add(1));
+            loaded_program.tx_usage_counter =
+                AtomicU64::new(recompile.tx_usage_counter.load(Ordering::Relaxed));
+            loaded_program.ix_usage_counter =
+                AtomicU64::new(recompile.ix_usage_counter.load(Ordering::Relaxed));
+        }
         Arc::new(loaded_program)
     }
 
@@ -5058,7 +5091,7 @@ impl Bank {
         let missing_programs: Vec<(Pubkey, Arc<LoadedProgram>)> = missing_programs
             .iter()
             .map(|(key, count)| {
-                let program = self.load_program(key);
+                let program = self.load_program(key, None);
                 program.tx_usage_counter.store(*count, Ordering::Relaxed);
                 (*key, program)
             })
diff --git a/runtime/src/bank/tests.rs b/runtime/src/bank/tests.rs
index b0f758a25f82c1..a04d2700f28313 100644
--- a/runtime/src/bank/tests.rs
+++ b/runtime/src/bank/tests.rs
@@ -7230,7 +7230,7 @@ fn test_bank_load_program() {
     programdata_account.set_rent_epoch(1);
     bank.store_account_and_update_capitalization(&key1, &program_account);
     bank.store_account_and_update_capitalization(&programdata_key, &programdata_account);
-    let program = bank.load_program(&key1);
+    let program = bank.load_program(&key1, None);
     assert_matches!(program.program, LoadedProgramType::LegacyV1(_));
     assert_eq!(
         program.account_size,
@@ -7385,7 +7385,7 @@ fn test_bpf_loader_upgradeable_deploy_with_max_len() {
         assert_eq!(*elf.get(i).unwrap(), *byte);
     }
 
-    let loaded_program = bank.load_program(&program_keypair.pubkey());
+    let loaded_program = bank.load_program(&program_keypair.pubkey(), None);
 
     // Invoke deployed program
     mock_process_instruction(