Mississippi bank to buy Louisiana bank for $86M in stock
HATTIESBURG, Miss. (AP) — A Mississippi bank is buying a Louisiana bank.
The First Bancshares Inc. of Hattiesburg announced Tuesday that it's buying FPB Financial Corp. for $86 million in stock. The Hammond, Louisiana-based company owns Florida Parishes Bank, with $383 million in assets and seven offices in the Hammond and New Orleans areas.
The First's would spread its Louisiana footprint, filling a hole between Baton Rouge and areas eastward. It's the fourth acquisition in a year for the Mississippi bank and its 10th since 2011.
The First needs approval from Florida Parishes shareholders and regulators. It hopes to complete the acquisition by March and says it would add profits in the first year.
The deal would give The First $3.