The First to buy Alabama bank for undisclosed sum
by MBJ Staff
Published: February 1,2013
HATTIESBURG — The First Bancshares Inc. has entered into a definitive agreement to acquire First National Bank of Baldwin County, Ala.
Terms were not disclosed.
The First president and CEO M. Ray “Hoppy” Cole Jr., said, “From day one our focus has been on growing our bank in the Gulf Coast region, and providing customers a true community bank with personal service. We are excited about expanding our services to South Alabama and growing with this dynamic area.“
The definitive agreement expands The First across the coast providing five new branches and a total of 23 new locations from Mississippi, Louisiana to South Alabama.
Upon completion of the transaction the First will grow to approximately $905 million in assets and approximately $780 million in deposits.
Part of the acquisition process involves the First National Bank of Baldwin County’s holding company First Baldwin Bancshares Inc. filing for reorganization under Chapter 11 of the bankruptcy court.
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- The Dan Jones-IHL saga: Is this the story that started it all?
- Dan Jones rejects IHL offer, won't publicly apologize
- Email from Nash to Delta Council’s Morgan included in DHA court file
- BREAKING NEWS: Trustees offer new deal to Ole Miss chancellor Dan Jones
- Suit against Kemper employee Brett Wingo is dismissed
- Ole Miss chancellor: Talks continue over job status
- DAVID DALLAS — From Dan and Dixie with love
- Delta Health Alliance CEO Karen Fox under investigation for possible misuse of funds
- Law to bolster utilities’ economic development efforts gets mixed reactions