The First Bancshares Inc. (NASDAQ: FBMS), holding company for The First, A National Banking Association, has acquired BCB Holding Company Inc., holding company for Mobile, Alabama-based Bay Bank.
Terms were not disclosed.
The First president and CEO Hoppy Cole said, “We are excited about the opportunities that this merger will create in the Mobile market.”
The acquisition will further expand The First across the Gulf Coast, providing four new branches in Mobile County with a total of 10 locations in Baldwin and Mobile counties. The acquisition of Bay Bank gives The First customers a total of 31 locations in South Mississippi, Louisiana and South Alabama.
The First will now have approximately $1.1 billion in assets and $950 million in deposits.