The First Bancshares, the holding company for The First Bank, completed its acquisition of FMB Banking and its subsidiary, Farmers & Merchants Bank.
As a result of this transaction, The First expanded its footprint in the Florida panhandle and entered into the southern Georgia market with the addition of five branches across Jefferson and Leon counties in Florida and one branch Thomas County in Georgia.
Pursuant to the terms of the merger agreement, each FMB shareholder will receive either $204.70 in cash or 5.6391 shares of First Bancshares’ common stock in exchange for each share of FMB common stock held prior to the merger, subject to customary pro-ration and reallocation procedures, which will ensure that 80% of FMB shares will receive the stock consideration and 20% will receive the cash consideration.
“We are thrilled to be joining forces with FMB and are excited about what we can accomplish together,” said M. Ray “Hoppy” Cole, The First president and CEO. “FMB bankers are trusted partners to their clients and are closely tied to the local communities. These attributes align perfectly with our business model at The First, and will help further our goal of building a high performing, customer oriented community bank in the gulf south region.”
As a result of the merger, the combined Company now has approximately $3 billion in total assets, $2.5 billion in total deposits and $2 billion in total loans. The First also now has 67 locations across Mississippi, Louisiana, Alabama, Florida and Georgia.
