each FFB shareholder will receive (i) $5.20 in cash and (ii) 0.257 of a share of First Bancshares’ common stock in exchange for each share of FFB common stock held prior to the merger
The First Bancshares, the holding company for The First, A National Banking Association, announced that it has completed its acquisition of First Florida Bancorp (“FFB”).
Following completion of the acquisition, FFB's subsidiary bank, First Florida Bank, was merged with The First, with The First as the surviving bank.
This transaction has furthered the Company’s regional expansion plan and adds additional market share within the state of Florida.
Pursuant to the terms of the merger agreement with FFB, each FFB shareholder will receive (i) $5.20 in cash and (ii) 0.257 of a share of First Bancshares’ common stock in exchange for each share of FFB common stock held prior to the merger.
M. Ray “Hoppy” Cole, Vice Chairman, President and Chief Executive Officer, commented, “We are excited to add the First Florida franchise to our team.
“First Florida is an extremely well run, high performing bank with an exceptional team of local bankers.
“First Florida is a perfect strategic fit.
“We share a common vision of being client focused and providing award-winning service.
“Headquartered in Destin, First Florida will provide significant market share in the Florida Panhandle, one of the most dynamic, fastest growing areas in the southeast.
“Upon closing, our company will have approximately $4 billion in total assets and will have approximately $1 billion in deposits in Florida.
“We welcome our new team members, clients and shareholders and look forward to continuing to grow our company in the southeast.”
As a result of the merger, the combined Company now has approximately $4.0 billion in total assets, $3.2 billion in total deposits and $2.6 billion in total loans.
The Company also now has 78 locations in Mississippi, Louisiana, Alabama, Florida, and Georgia. ■
A Fall heatwave will continue into the weekend over portions of the Desert Southwest and central/southern California as a persistent trend of upper-ridging over the region remains in place.