Mississippi bank to buy north Florida bank for $80 million

Cropped Photo: Pictures of Money / CC BY 2.0 / MGN
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By: Associated Press
July 26, 2018

HATTIESBURG, Miss. (AP) - A Mississippi bank is buying another bank in northern Florida.

The First Bancshares Inc. of Hattiesburg announced Tuesday that it's buying FMB Banking Corp for $80 million in stock and cash.

The Monticello, Florida-based company owns Farmers & Merchants Bank, with $480 million in assets and six offices in Florida and Georgia. Stockholders will get 80 percent stock and 20 percent cash.

The First says it expects to complete the purchase by year's end, increasing its Tallahassee-area market share.

It's the third acquisition since November for the Mississippi bank, and the ninth since 2011. In April, The First bought Sunshine Community Bank of Tallahassee for $32 million.

The First says the deal will give it $3 billion in assets, with 67 offices in Mississippi, Louisiana, Alabama, Florida and Georgia.

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