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The First Bancshares to Acquire Heritage Southeast Bancorporation in USD 207m Deal.

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MANews-(C)2009-2022

Mississippi, US-based bank holding company The First Bancshares, Inc. (NASDAQ: FBMS), parent company of The First Bank, and Georgia, US-based Heritage Southeast Bancorporation, Inc. (OTCQX: HSBI), parent company of Heritage Southeast Bank, have executed of a definitive merger agreement, pursuant to which The First has agreed to acquire HSBI, the company said.

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

The proposed transactions will deepen The First's presence in Georgia and Florida, including providing The First with entry points into the Atlanta, Savannah, and Jacksonville markets.

Heritage Southeast Bank operates 23 branches across Georgia and northeast Florida.

As of June 30, 2022, Heritage Southeast Bank had total assets of approximately USD 1.7bn, total loans of USD 1.1bn, and total deposits of approximately USD 1.5bn.

Upon completion of the transaction, the combined company is expected to have approximately USD 8bn in assets, USD 7bn in deposits, USD 5bn in loans, and over 100 branches across five states in the Southeast.

Subject to the terms of the definitive merger agreement, HSBI shareholders will receive 0.965 shares of First Bancshares common stock for each share of HSBI common stock upon the closing of the transaction.

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.

All outstanding options to acquire shares of HSBI common stock will be cashed out at the closing of the transaction.

Based on the closing price of First Bancshares common stock of USD 29.68 as of July 26, 2022, the transaction is valued at approximately USD 207m or...

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