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.
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