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First Bancshares to acquire Florida bank in $85 million deal

MBJ staff

The First Bancshares Inc., the Hattiesburg-based holding company for The First, announced this week an agreement to acquire First Florida Bancorp, Inc., parent company of First Florida Bank, in a cash and shares swap deal worth $85 million.

First Florida had approximately $451 million in consolidated assets, $255 million in loans, $387million in deposits and $48 million in consolidated stockholders’ equity. It serves Destin,

Fort Walton, Crestview and Panama City, Fla. through six full-service offices and one loan production office.

Upon completion of the transaction, the combined company will have approximately $4 billion in assets, $3.2 billion in deposits and $2.6 billion in loans.

The Company will have 78 locations in Mississippi, Louisiana, Alabama, Florida and Georgia.

Boards of directors of both institutions have approved the agreement. It awaits regulatory and shareholder approval.

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