First Bancshares announces agreement to acquires First Florida Bancorp
The First Bancshares, holding company for The First, A National Banking Association, announced the signing of an Agreement and Plan of Merger with First Florida Bancorp, parent company of First Florida Bank, pursuant to which First Bancshares has agreed to acquire FFB. Under the terms of the Agreement and Plan of Merger, FFB will be merged with and into First Bancshares. Upon consummation of the Merger, each FFB shareholder will receive $5.20 in cash and 0.257 of a share of First Bancshares' common stock in exchange for each share of FFB stock. The aggregate Merger Consideration is valued at approximately $85M, based on 6,395,812 shares of FFB common stock outstanding, 152,500 in-the-money incentive stock options to purchase shares of FFB common stock, and FBMS' 10-day average closing price of $30.30 per share as of July 17. The Agreement and Plan of Merger has been approved by the Boards of Directors of First Bancshares and FFB. The closing of the transaction, which is expected to occur in the Q4, is subject to customary conditions, including regulatory approvals and approval by the shareholders of FFB.