The First Bancshares, holding company for The First, has completed the acquisition of First Florida Bancorp (FFB).
As part of the deal, FFB’s subsidiary First Florida Bank merged into The First. The acquisition further bolsters presence and market share of The First in the Florida region.
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First Florida Bancorp acquisition: Details
In July, The First Bancshares signed an agreement to acquire First Florida Bancorp for $85m.
Under the terms of the agreement, each FFB shareholder received a combination of $5.20 in cash and 0.257 of First Bancshares share.
First Bancshares vice-chairman, president and CEO M. Ray Cole said: “We are excited to add the First Florida franchise to our team. First Florida is an extremely well run, high performing bank with an exceptional team of local bankers.
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By GlobalData“First Florida is a perfect strategic fit. We share a common vision of being client focused and providing award-winning service. Headquartered in Destin, First Florida will provide significant market share in the Florida Panhandle, one of the most dynamic, fastest growing areas in the southeast.”
Following the merger, the combined bank now holds around $4bn in total assets, $3.2bn in total deposits and $2.6bn in total loans.
Additionally, the lender now has 78 branches in Mississippi, Louisiana, Florida, Alabama and Georgia.
The First Florida Bancorp acquisition by The First Bancshares follows the purchase of FMB Banking last year.
