HATTIESBURG, Miss. & DESTIN, Fla.--(BUSINESS WIRE)--The First Bancshares, Inc. (NASDAQ: FBMS), holding company for The First, A National Banking Association, announced today the signing of an Agreement and Plan of Merger with First Florida Bancorp, Inc., parent company of First Florida Bank, pursuant to which First Bancshares has agreed to acquire FFB.
At June 30, 2019, FFB had approximately $451 million in consolidated assets, $255 million in loans, $387 million in deposits and $48 million in consolidated stockholders’ equity. FFB serves the areas of Destin, Fort Walton, Crestview and Panama City, Florida through six full service offices and one loan production office. The transaction will further the Company’s regional expansion plan and add additional market share within the state of Florida. Additional information regarding FFB is available on the website for First Florida Bank: https://www.bankFFB.com.
The Agreement and Plan of Merger has been approved by the Boards of Directors of First Bancshares and FFB. The closing of the transaction, which is expected to occur in the fourth quarter of 2019, is subject to customary conditions, including regulatory approvals and approval by the shareholders of FFB.
Frank B. Burge, Chairman of the Board and CEO of FFB, commented, "We are excited to join The First Bancshares team. We believe that combining our two institutions will expand our capabilities to better serve our clients and create significant value for our shareholders.
This partnership brings together two companies with similar cultures and business models. We look forward to the additional resources provided by this combination and the advantages it will provide for further growth opportunities.”
Combined Company
Upon completion of the transaction, the combined company will have approximately $4.0 billion in total assets, $3.2 billion in total deposits and $2.6 billion in total loans. The Company will have 78 locations in Mississippi, Louisiana, Alabama, Florida, and Georgia.
M. Ray “Hoppy” Cole, President & Chief Executive Officer of First Bancshares and The First, commented, "We are excited about our merger with First Florida Bancorp announced today. First Florida is a well-respected, premier financial institution and we are thrilled to be joining forces with Frank Burge and his team. Our banks share a common goal of continued growth by delivering exceptional service to our clients and providing superior returns for our shareholders. Our partnership with First Florida will substantially improve our market share in Florida and further our strategic vision of building a high performing regional community bank.”
An investor presentation summarizing the transaction, including key operating assumptions, is available on FBMS's website at https://www.thefirstbank.com/ under investor relations.
Advisors
Janney Montgomery Scott LLC served as financial advisor to First Bancshares, and Alston & Bird LLP served as its legal advisor. Hovde Group LLC served as financial advisor to FFB, and Jones Day served as its legal advisor.
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, Florida and Georgia. The Company’s stock is traded on NASDAQ Global Market under the symbol FBMS. Information is available on the Company’s website: www.thefirstbank.com.
About First Florida Bancorp, Inc.
First Florida Bancorp, Inc. is the holding company of First Florida Bank, a community bank with six full service offices and one loan production office serving the areas of Destin, Fort Walton, Crestview and Panama City, Florida.
