Growth for a Mississippi Bank - MSNewsNow.com - Jackson, MS

Growth for a Mississippi Bank

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HATTIESBURG, Miss. (AP) -

A Mississippi bank is acquiring banks in Louisiana and Florida.
           
First Bancshares of Hattiesburg said Friday that it would acquire Iberville Bank of Plaquemines, Louisiana, and Gulf Coast Community Bank of Pensacola, Florida.
           
The moves will give the parent company of The First bank 48 offices and $1.6 billion in assets in Mississippi, Louisiana, Alabama and Florida.
           
First Bancshares will pay $31.1 million to A. Wilbert's Sons Lumber and Shingle Co., owner of Iberville Bank, which has $259 million in assets and 10 branches in and around Baton Rouge.
           
The Mississippi company will pay stock worth $2.3 million to Gulf Coast Community Bank, which has $133 million in assets and five branches in and around Pensacola.
           
First Bancshares plans to sell $63 million in stock to finance the transactions.

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