The First announces agreement to acquire Florida bank

The First announces agreement to acquire Florida bank

HATTIESBURG, Miss. (WDAM) - The First, A National Banking Association will continue its expansion with the acquisition of a Florida bank.

The First Bancshares Inc., holding company for The First, announced an agreement and plan of merger with First Florida Bancorp Inc., parent company of First Florida Bank, which will be merged with and into First Bancshares.

First Florida Bank serves the areas of Destin, Fort Walton, Crestview and Panama City, Florida.

The agreement and plan of merger has been approved by the Board of Directors of First Bancshares and First Florida Bancorp.

Once completed, the combined company will have approximately $4 billion in total assets, $3.2 billion in total deposits and $2.6 billion in total loans. The company will have 78 locations in Mississippi, Louisiana, Alabama, Florida and Georgia.

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