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Executives of The First Bancshares
, holding company for
The First, A National Banking Association (www.thefirstbank.com), announced
today that The First Bancshares, Inc., has acquired First National Bank of
Baldwin County.
The First, A National Banking Association President & CEO M. Ray “Hoppy” Cole
Jr., said, “Two community banks have come together with a common purpose to
deliver extraordinary personal service to our customers and friends in
Alabama, Mississippi and Louisiana. We are excited about expanding into
Alabama and building new relationships across the Gulf Coast region.”
The acquisition that was announced today will expand The First across the
Gulf Coast providing five new branches and The First customers a total of 24
convenient locations in Mississippi, Louisiana and South Alabama.
The First will now have approximately $970 Million in assets and
approximately $845 Million in deposits.
W. Wade Neth, President & CEO of First National Bank of Baldwin County, said,
“We are very excited to be joining the team at The First and look forward to
continuing our long tradition of providing our customers with great personal
customer service and understanding the business and personal banking needs of
our markets here in Baldwin County. We frequently hear from our customers that
they enjoy working with bankers they've known and trusted for a lifetime, and
we look forward to continuing to build upon those longstanding relationships
and growing with our customers.”
The First Bancshares, Inc., headquartered in Hattiesburg, Miss., is the parent
company of The First, A National Banking Association. Founded in 1996 near
Hattiesburg, Mississippi, The First has grown rapidly through south
Mississippi and Louisiana providing services competitive to those found at
larger regional banks. The First has approximately $789 million in assets and
currently has 19 locations operating in south Mississippi and Louisiana. The
company's stock is traded on Nasdaq Global Market under the symbol FBMS.
Information is available on the company's website www.TheFirstBank.com.
Safe, sound, quality growth is the major component of the bank's business
strategy. And that is why even in the midst of the most turbulent economic
times, The First has continued to achieve 55 consecutive quarters of
profitability. It is because of this commitment that The First earned a 5
Star Rating (the highest given) by Bauer Financial, “the nation's bank rating
service.”
In Cole's words, “Our Company is profitable, well-capitalized, and liquid. We
are well positioned for future growth and for further acquisition
opportunities that may arise. We will continue to follow the guiding
principles as set out by our founders, focusing on customer service, building
relationships, and expanding our market share in Mississippi, Alabama and
Louisiana.”
Forward Looking Statement
This news release contains statements regarding the projected performance of
The First Bancshares, Inc. and its subsidiary. These statements constitute
forward-looking information within the meaning of the Private Securities
Litigation Reform Act. Actual results may differ materially from the
projections provided in this release since such projections involve
significant known and unknown risks and uncertainties. Factors that might
cause such differences include, but are not limited to: competitive pressures
among financial institutions increasing significantly; economic conditions,
either nationally or locally, in areas in which the Company conducts
operations being less favorable than expected; and legislation or regulatory
changes which adversely affect the ability of the Company to conduct business
combinations or new operations. The Company disclaims any obligation to update
such factors or to publicly announce the results of any revisions to any of
the forward-looking statements included herein to reflect future events or
developments. Further information on The First Bancshares, Inc. is available
in its filings with the Securities and Exchange Commission, available at the
SEC's website, http://www.sec.gov.
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