The First Bancshares Inc. of Hattiesburg, Mississippi, announced Tuesday it’s buying FPB Financial Corp.—the holding company for Florida Parishes Bank—for $86 million in stock.
The Hammond-based Florida Parishes Bank has $383 million in assets and seven offices in the Hammond and New Orleans areas.
The purchase would expands First Bancshares’ footprint in Louisiana, filling a hole between Baton Rouge and Mississippi. It’s the fourth acquisition in a year for the Mississippi bank and its 10th since 2011.
The acquisition still needs approval from Florida Parishes shareholders and regulators. First Bancshares hopes to complete the deal by March, saying it would add profits in the first year.
Once done. First Bancshares would have $3.4 billion in assets with 74 offices in Mississippi, Louisiana, Alabama, Florida and Georgia.
