HATTIESBURG, MS (WLOX) - A Hattiesburg based bank continues to grow. If you have money in an account at The First, and you drive over to Mobile, you can now do your banking at an Alabama branch. The First just acquired First Community Bank and its nine Mobile branches.
If you're a stockholder in First Community Bank's parent company Southwest Banc, here's what that means. Southwest's shareholders are entitled to receive 15.8804 shares of First Bancshares' common stock and $336.08 in cash for each share of Southwest common stock outstanding immediately before the merger.
M. Ray "Hoppy" Cole is President & Chief Executive Officer of The First.
"We are thrilled that today First Community and The First are now one company," Cole said. "We are proud to join forces with a franchise that has such a rich history of exceptional service for its clients. We look forward to growing our combined market share in South Alabama, as well as the Gulf South Region."
The merger gives The First more than 50 locations across Mississippi, Alabama, Louisiana and Florida.