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The First Bancshares Closes USD 116.7m Acquisition of Florida's Beach Bancorp.

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MANews-(C)2009-2022

Mississippi, US-based bank holding company The First Bancshares, Inc. (NASDAQ: FBMS), holding company for The First Bank, has closed the acquisition of Florida, US-based Beach Bancorp, Inc, parent company of Beach Bank based in Fort Walton Beach, Florida, the company said.

The proposed transactions will deepen The First's presence in the Florida panhandle, while also providing an entry into the Tampa, Florida market.

Upon the completion of the acquisition, Beach Bank will merge with and into The First Bank.

As a result of the merger, the combined company now has approximately USD 6.7bn in total assets, USD 5.8bn in total deposits and USD 3.6bn in total loans.

The company also now has 97 locations in Mississippi, Louisiana, Alabama, Florida, and Georgia.

The First Bancshares, Inc., headquartered in Hattiesburg, Mississippi, is the parent company of The First Bank.

Founded in 1996, the First has operations in Mississippi, Louisiana, Alabama, Florida, and Georgia.

Under the terms of the BBI merger agreement, BBI shareholders are expected to receive 0.1711 shares of First Bancshares common stock for each share of BBI common stock.

The exchange ratio for the...

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