First Bancshares of Hattiesburg, the parent company of The First bank, has acquired the 5,112-square-foot building at 8810 Bluebonnet Blvd. and will be relocating its existing branch at 7054 Jefferson Hwy. to the new location early next year.
In a deal that closed Monday, First Bancshares of Hattiesburg acquired the property, which sits on eight acres, for $1.3 million from Red River Bank, which had previously leased the building to a mortgage servicing group. Mike Stinson and Hank Saurage of Saurage Rotenberg Commercial Real Estate brokered the transaction.
The First is expanding its footprint throughout the region, and Monday’s transaction suggests the bank is planning to grow still more in this market.
On Oct. 14, First Bancshares announced it will acquire Iberville Bank of Plaquemine and Gulf Coast Community Bank of Pensacola, Florida—moves that will give the bank 48 locations in four southern states and $1.6 billion in assets. Iberville Bank has 10 branches in Baton Rouge with $259 million in assets.
A spokesperson for First Bankshares did not return multiple calls seeking comment, but the manager of the local The First branch on Jefferson Highway confirms her branch will be relocating as of Jan. 13.
—Stephanie Riegel
