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First Bancshares to Acquire FPB Financial in Deal Valued at USD 86m
Thursday 08 November 2018

8 November 2018 - Mississippi, US-based The First Bancshares, Inc. (NASDAQ: FBMS), holding company for The First, A National Banking Association has agreed to a plan of merger with Louisiana, US-based FPB Financial Corp. (OTC: FPBF), parent company of Florida Parishes Bank, the company said.
Under the terms of the agreement and plan of merger, FPB will be merged with and into First Bancshares. Upon consummation of the merger, each FPB shareholder will receive 0.83 shares of First Bancshares' common stock in exchange for each share of FPB stock.
The aggregate merger consideration is valued at approximately USD 86.1m, based on 2,703,943 shares of FPB common stock outstanding, 198,275 in-the-money warrants to purchase shares of FPB common stock, and FBMS' closing price of USD 37.14 per share as of November 5, 2018.
The deal has been approved by the boards of directors of First Bancshares and FPB. The closing of the transaction, which is expected to occur in 1Q19, is subject to customary conditions, including regulatory approval and approval by the shareholders of FPB.
Upon completion of the transaction, the combined company, including First Bancshares' acquisition of FMB Banking Corp., will have approximately USD 3.4bn in total assets, USD 2.8bn in total deposits and USD 2.3bn in total loans. The company will have 74 locations in Mississippi, Louisiana, Alabama, Florida, and Georgia.
The First Bancshares, Inc., has operations in Mississippi, Louisiana, Alabama, Florida and Georgia.
FPB Financial Corp. has approximately USD 382.7m in consolidated assets, USD 238.5m in net loans, USD 317.7m in deposits and USD 44m in consolidated stockholders' equity. FPB serves the Hammond and New Orleans areas in Louisiana through seven full service offices.
Hovde Group LLC served as financial advisor to First Bancshares, and Alston and Bird LLP served as its legal advisor. Sandler O'Neill and Partners, L.P. served as financial advisor to FPB, and Silver, Freedman, Taff and Tiernan LLP served as its legal advisor.
Date Published: 08/11/2018
Target: FPB Financial Corp/ Florida Parishes Bank
Country: USA
Deal Size: 86m (USD)
Sector: Banking/Financial Services
Type: Corporate acquisition
Financing: Stock
Status: Agreed
Buyer: The First Bancshares
Buyer Advisor: Hovde Group , Alston and Bird