Hattiesburg, Miss.-based First Bancshares Inc. has closed its acquisition of Southwest Banc Shares Inc. of Mobile, Ala.
Southwest's First Community Bank merged into First, a National Banking Association. First Community had $400.6 million in assets at the end of 2017; First had $1.81 billion. The resulting entity has approximately $2.2 billion in total assets, $1.9 billion in deposits and $1.5 billion in loans.
First Bancshares will pay 15.8804 common shares and $336.08 for each share of Southwest common shares outstanding. When the deal was announced in October 2017, the deal was estimated to have an aggregate value of $60 million.
First Bancshares has another acquisition pending — that of Tallahassee, Fla.-based Sunshine Financial Inc.
