Home » NEWS » Banking & Finance » Mississippi bank to buy Florida institution for $32M

Mississippi bank to buy Florida institution for $32M

An acquisitive Mississippi bank is buying a bank in Florida’s capital city.

The First Bancshares Inc. of Hattiesburg announced Wednesday that it’s buying Sunshine Financial Inc. of Tallahassee, Florida for $32 million in stock and cash.

It owns Sunshine Community Bank, with five offices and $194 million in assets.

Stockholders will get 75 percent stock and 25 percent cash. The sale is expected to close by June 30, and The First says it will immediately add to profits.

It’s the second acquisition announced since November for the Mississippi bank, and the eighth since 2011. The First is also currently spending $60 million to buy southwest Alabama’s First Community Bank.

After both deals, The First expects to have $2.4 billion in assets, with 63 offices in Mississippi, Louisiana, Alabama and Florida.

BEFORE YOU GO…

… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.

If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.

Click for more info
banking Business finance Mississippi NEWS
Previous: CARTOON — #justsayin takes a look at Ole Miss football
Next: TODD SMITH — ‘Complicit’ is Word of the Year from dictionary.com

About Associated Press

Leave a Reply

Your email address will not be published. Required fields are marked *

*