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The First Bancshares to Acquire Florida's Beach Bancorp in USD 116.7m Deal.

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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 entered into a definitive agreement to acquire 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.

Beach Bank operates seven branches across the Florida panhandle and Tampa markets with deposits of approximately USD 492m and loans of USD 456m as of March 31, 2022.

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 transaction is fixed, which means that the transaction value will fluctuate as a result of changes in the First Bancshares stock price.

Based on the closing price of First Bancshares common stock of USD 32.92 as of April...

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