The First Bancshares, Inc. (“First Bancshares” or the “Company”), the holding company for The First, A National Banking Association (“The First”), announced that it has completed its acquisition of Sunshine Financial, Inc. (“Sunshine”). Following completion of the acquisition, Sunshine’s subsidiary bank, Sunshine Community Bank, was merged with The First, with The First as the surviving bank. As a result of this transaction, The First has expanded its footprint in the Florida panhandle with the addition of five branches in the Tallahassee market.
Pursuant to the terms of the merger agreement with Sunshine, each Sunshine shareholder will receive either $27.00 in cash or 0.93 of a share of First Bancshares’ common stock for each share of Sunshine common stock held prior to the merger, provided that the total mix of cash consideration and stock consideration to be issued by the Company to holders of Sunshine common stock will be fixed at 75% stock and 25% cash.
M. Ray “Hoppy” Cole, President & Chief Executive Officer, commented, “We are thrilled that Sunshine is now a part of The First and we look forward to growing our presence in the Tallahassee market. We believe that with the added scale and capacity of The First, combined with the local relationships and strong community focus of Sunshine, we will be in a great position to better serve our existing clients as well as develop new relationships in Tallahassee”.
As a result of the merger, the combined Company now has approximately $2.4 billion in total assets, $2.1 billion in total deposits and $1.7 billion in total loans. The First also now has over 60 locations across Mississippi, Louisiana, Alabama and Florida.
About The First Bancshares, Inc.
The First Bancshares, Inc., headquartered in Hattiesburg, Mississippi, is the parent company of The First, A National Banking Association. Founded in 1996, the First has operations in Mississippi, Louisiana, Alabama and Florida. The Company’s stock is traded on the NASDAQ Global Market under the symbol FBMS. Additional information is available on the Company’s website: www.thefirstbank.com.