FIRST BANCSHARES INC /MS/: M&A transaction — First Bancshares completes Heritage Southeast acquisition; issues ~6.92M shares, $7.9B assets

FIRST BANCSHARES INC /MS/

Acquisition effective Jan 1, 2023; HSBI shareholders receive 0.965 FBMS shares per HSBI share.
FBMS issued up to ~6.92 million shares of common stock to complete the merger.
Combined entity: $7.9B total assets, $6.9B deposits, $5.0B loans.
The First Bank now operates 114 locations across MS, LA, AL, FL, and GA.
Heritage Southeast Bank merged into The First Bank as surviving bank; both management teams combined.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

FIRST BANCSHARES INC /MS/ completed an acquisition involving Heritage Southeast Bancorporation, Inc. (closed 2023-01-01).

Action: acquisition
Counterparty: Heritage Southeast Bancorporation, Inc.
Closing: 2023-01-01

Exact text from the filing

Effective January 1, 2023, The First Bancshares, Inc., a Mississippi corporation (the “Company”) completed its previously announced merger (the “Merger”) with Heritage Southeast Bancorporation, Inc., a Georgia corporation (“HSBI”) pursuant to that certain Agreement and Plan of Merger by and between FBMS and HSBI, dated as July 27, 2022 (the “Merger Agreement”).

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Source: SEC EDGAR

accession 0001157523-23-000005

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