HATTIESBURG, MS (WDAM) - Hattiesburg-based The First, a National Banking Association, has purchased Mobile, Ala.-based Bay Bank in a cash and stock transaction worth $6.6 million.
The combined company will now have about $1 billion in assets.
The deal will add four new banking locations for The First in the Mobile area and give the bank a total of 30 branches in Mississippi, Alabama and Louisiana.
"We are actually purchasing the stock of BCB Holding Company, which owns Bay Bank and we'll give them part cash and part stock, so we'll be bringing new share holders into our organization that were shareholders in theirs," said M. Ray "Hoppy" Cole, president and CEO of First Banchshares and the The First. "The faces there will be the same. It's a local community bank and the people in Mobile will be banking with the people they've been accustomed to banking with," he said.
The First was founded in 1996.