The First Bancshares, the holding company for The First, A National Banking Association (The First), has signed an agreement to acquire First Florida Bancorp, in a deal valued around $85m.
Under the terms of the agreement, each FFB shareholder will receive a combination of $5.20 in cash and 0.257 of First Bancshares share.
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First Florida Bancorp acquisition: Background
First Florida Bancorp (FFB), through its banking subsidiary First Florida Bank, holds around $451m in consolidated assets.
The bank has six full service offices and one loan production office in Florida. The transaction is expected to further bolster The First Bancshares’ footprint in the region.
FFB chairman of the board and CEO Frank B. Burge said: “We are excited to join The First Bancshares team. We believe that combining our two institutions will expand our capabilities to better serve our clients and create significant value for our shareholders.”
Upon completion, the combined bank will hold around $4bn in total assets, $3.2bn in total deposits and $2.6bn in total loans.
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By GlobalDataAdditionally, The First Bancshares will boast 78 branch locations across Mississippi, Louisiana, Alabama, Florida and Georgia.
First Bancshares and The First president and CEO M. Ray Cole said: “Our banks share a common goal of continued growth by delivering exceptional service to our clients and providing superior returns for our shareholders.
“Our partnership with First Florida will substantially improve our market share in Florida and further our strategic vision of building a high performing regional community bank.”
The First Florida Bancorp acquisition is expected to complete in the fourth quarter of 2019. The completion is subject to customary regulatory approvals and consent from FFB shareholders.
Last year, The First Bancshares signed deal to acquire FMB Banking, the holding company for Farmers & Merchants Bank, for $80m.
