The First buys Alabama bank - WDAM-TV 7-News, Weather, Sports-Hattiesburg, MS

The First buys Alabama bank

Hattiesburg-based, "The First" has acquired the First National Bank of Baldwin County. Hattiesburg-based, "The First" has acquired the First National Bank of Baldwin County.
HATTIESBURG, MS (WDAM) -

A Hattiesburg-based community bank has acquired an Alabama bank.

The First Bancshares, Inc. has purchased the First National Bank of Baldwin County. The First Bancshares, Inc. is the parent company of The First, A National Banking Association.

The deal, finalized Tuesday, now gives The First a total of 24 locations in Mississippi, Louisiana and South Alabama.

The bank will also now have about $970 million in assets and nearly $845 million in deposits.

"The Mobile area is a market that we really like," said M. Ray "Hoppy" Cole, Jr., president and CEO of The First. "I think everybody knows about all the economic development and growth that's gone on down there, so we think it's a dynamic market and we're really pleased," he said.

The First was founded near Hattiesburg in 1996.

Copyright 2013 WDAM. All rights reserved.

 

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