HATTIESBURG, Miss. (AP) — A Mississippi bank is buying another northern Florida bank.
The First Bancshares Inc. of Hattiesburg announced Tuesday that it will buy First Florida Bancorp for $85 million in stock and cash. The shareholders are getting 60% stock and 40% cash.
The Destin, Florida-based company owns First Florida Bank, with six offices in Destin, Fort Walton Beach, Crestview and Panama City.
The deal is supposed to close by year's end after First Florida shareholders approve and add to The First's profits next year.
Adding First Florida's $451 million in assets, The First is expected to have $4 billion in assets, with offices in Mississippi, Louisiana, Alabama, Florida and Georgia.
It's the 10th acquisition since 2011 for the Mississippi bank, filling a Florida Panhandle gap between branches in Tallahassee and Pensacola.