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Merchants & Marine expanding into Alabama

PASCAGOULA — The Federal Deposit Insurance Corp. has approved a Southeast Mississippi bank’s move into Alabama.

Merchants & Marine Bank of Pascagoula has bought Heritage First Bank branches in Gulf Shores and Crossville from Heritage First Bancshares Inc. of Rome, Ga.

Royce Cumbest, M&M’s chairman, president and CEO, says the acquisitions add assets of about $55 million.

M&M Bank has $533 million in deposits in 11 branches.

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