Mississippi bank to buy southwest Alabama bank for $60M

A Mississippi bank is buying an Alabama bank for $60 million, expanding its footprint in the southwest part of Alabama.

Posted: Oct 26, 2017 3:05 PM
Updated: Oct 26, 2017 3:05 PM

HATTIESBURG, Miss. (AP) - A Mississippi bank is buying an Alabama bank for $60 million, expanding its footprint in the southwest part of Alabama.

The First Banchshares Inc. of Hattiesburg announced Tuesday that it will buy Southwest Banc Shares Inc. of Chatom, Alabama.

The First will pay $36 million in stock and $24 million in cash. The Mississippi bank plans to sell $45 million in stock, in part to pay for the purchase.

The Mississippi bank also operates in Louisiana, Alabama and Florida. Southwest operates as First Community Bank in Alabama's Washington, Mobile and Baldwin counties.

It's the seventh acquisition for The First since 2011. The deal would push The First over $2 billion in assets and give the bank about 5 percent of the deposit market in the three Alabama counties.

Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Article Comments

Tupelo
Clear
67° wxIcon
Hi: 90° Lo: 64°
Feels Like: 67°
Columbus
Clear
70° wxIcon
Hi: 89° Lo: 63°
Feels Like: 70°
Oxford
Few Clouds
66° wxIcon
Hi: 88° Lo: 65°
Feels Like: 66°
Starkville
64° wxIcon
Hi: 85° Lo: 61°
Feels Like: 64°
WTVA Radar
WTVA Temperatures
WTVA Severe Weather