First Bancshares Inc. of Hattiesburg announced on Friday the purchase agreements for two banks for more than $33 million.
The holding company for The First, First Bancshares Inc., in a cash deal bought common shares valued at $31 million to acquire Iberville Bank of Plaquemine, La.
First Bancshares also announced an all- stock agreement with Gulf Coast Community Bank of Pensacola, Fla., valued at $2.3 million.
Iberville Bank had assets of $258.5 million as of June 30, according to a release from First Banchares. Gulf Coast assets were listed at $133.4 million as of June 30.
Eight percent of the purchase price of Iberville Bank will be put in escrow in case it sustains flood-related losses.
After the completion of the mergers, First Bancshares said in the release that it would have assets of $1.6 billion, with 48 locations in Mississippi, Louisiana, Alabama and Florida.
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