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The First Bancshares, Inc. completes acquisition of FPB

The First Bancshares, Inc. completes acquisition of FPB
Posted: Mar 4, 2019
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HATTIESBURG, Miss., March 4, 2019 – The First Bancshares, Inc. (NASDAQ: FBMS) (“First Bancshares” or the “Company”), the holding company for The First, A National Banking Association (“The First”), announced today that it has completed its acquisition of FPB Financial Corp. (“FPB”).

Following completion of the acquisition, FPB’s subsidiary bank, Florida Parishes Bank, was merged with The First, with The First as the surviving bank. As a result of this transaction, The First has expanded its footprint in the Gulf South and the greater New Orleans area.

Pursuant to the terms of the merger agreement with FPB, each FPB shareholder will receive 0.8792 of a share of First Bancshares’ common stock in exchange for each share of FPB common stock held prior to the merger.

M. Ray “Hoppy” Cole, President & Chief Executive Officer, commented, 

“We are excited about the closing of our merger with Florida Parishes Bank and look forward to beginning our new partnership.

"FPB has a long rich history of exemplary customer service. Fritz Anderson , Chairman and CEO , and his team built a highly respected, high performing company that over his tenure created significant shareholder value.

"FPB and The First share a common vision of building a high performing  regional community bank focused on client service and shareholder return. By joining forces we strongly believe the ability to accomplish our common goals is greatly enhanced.

"FPB brings an exceptional group of local bankers that share a common culture and approach to banking. This partnership will provide these bankers greater resources to serve their existing clients and pursue new relationships with increased capacity, increased product and service offerings and more locations.”

As a result of the merger, the combined Company now has approximately $3.5 billion in total assets, $2.8 billion in total deposits and $2.3 billion in total loans. The First also now has 71 locations across Mississippi, Louisiana, Alabama, Florida and Georgia.

About The First Bancshares, Inc.
The First Bancshares, Inc., headquartered in Hattiesburg, Mississippi, is the parent company of The First, A National Banking Association. Founded in 1996, the First has operations in Mississippi, Louisiana, Alabama and Florida. The Company’s stock is traded on the NASDAQ Global Market under the symbol FBMS. Additional information is available on the Company’s website: www.thefirstbank.com.
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