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Hattiesburg bank to buy Louisiana, Florida lenders

 

MBJ Staff

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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About Ross Reily

Ross Reily is editor of the Mississippi Business Journal. He is a husband to an amazing wife, dad to 3 crazy kids and 2 dogs. He is also a fan of the Delta State Fighting Okra and the Boston Red Sox.

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