The First Bancshares, the holding company of The First Bank, has signed an agreement to acquire Beach Bancorp, the parent company of Florida-based Beach Bank, in a deal worth $116.7m.
The transaction is expected to close in the third or fourth quarter of this year, subject to regulatory approvals.
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Beach Bank has seven branches across the Florida panhandle and Tampa markets. As of 31 March 2022, the bank oversees deposits of around $492m and loans of $456m.
Following the transaction, Beach Bank will be absorbed into The First Bank.
The proposed acquisition will bolster The First’s presence in the Florida panhandle and enable its entry into the Tampa, Florida market.
The First Bancshares president and CEO Ray Cole Jr. noted that “both Florida panhandle and Tampa area offer significant growth opportunities for our bank.”
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By GlobalDataHe said: “We are thrilled to be joining forces with Beach Bank and continuing to grow our presence in Florida.
“Together, our company will be ranked #1 and #2 in deposit market share in the community bank space in the fast-growing MSA’s of Crestview/Ft. Walton/Destin and Pensacola, respectively.”
Beach Bank CEO Chip Reeves will join The First’s executive leadership team with responsibilities for Mortgage Banking, Specialty Lending platforms and Central Florida Region.
Beach’s Tampa market president Henry Gonzalez will become Tampa regional president while Senior Lender senior vice-president Chip Falk will join the bank as senior vice-president of Specialty Lines.
Reeves said: “We are incredibly excited to be joining forces with The First. We share similar cultures that focus on our team members, clients and communities, within a growth and performance mindset.
“The combination greatly accelerates Beach Bank’s strategic priorities of NW FL Community Bank leadership and Tampa/Central Florida expansion. Our team is fully committed to this merger and we cannot wait to get started.”
In 2019, The First Bancshares brokered a deal to buy Southwest Georgia Financial, the parent company of Southwest Georgia Bank.
