The First Bancshares, a Mississippi-based holding company for The First, A National Banking Association, has entered into an agreement to acquire BCB Holding, a holding company for Alabama-based Bay Bank, for $6.6m.
Upon completion of the transaction, which is subject to the terms of the definitive merger agreement, the combined entity will have total assets of approximately $1bn, total deposits of $838m and total loans of $624m.
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The acquisition will expand First Bancshares’s banking network to 30 with the addition of four new locations within the Mobile, Alabama region.
First Bancshares and The First CEO and president, M Ray ‘Hoppy’ Cole, said they believe it is a great combination of two service oriented community banks and by joining forces, they will improve their market presence in the Mobile area.
"Our bank will have 10 locations in Baldwin and Mobile counties to better serve our customers with an expanded portfolio of products and services to meet their growing financial needs," Cole added.
The transaction is expected to close in the second quarter of 2014.
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