First Bancshares Inc. shares fell 2.85% to $32.40 on Thursday, Dec. 7, a day after the Hattiesburg, Miss.-based company announced plans to acquire Tallahassee, Fla.-based Sunshine Financial Inc.
The 25% cash-75% stock deal, valued at $32.1 million, is expected to enhance the company's presence in the Gulf South region and improve liquidity, executives said on a call to discuss the deal.
Overall, bank and thrift stocks were mixed Thursday. The SNL U.S. Bank Index rose 0.39% to 611.53, and the SNL U.S. Thrift Index fell 0.32% to 950.65. Broader markets made slight gains, as the Dow Jones Industrial Average expanded 0.29% to 24,211.48, the S&P 500 ticked up 0.29% to 2,636.98 and the Nasdaq Composite Index increased 0.54% to 6,812.84.
Bank of America Corp. rose 0.49% to $28.78, Citigroup Inc. dipped 0.61% to $74.98, JPMorgan Chase & Co. slipped 0.30% to $104.62 and Wells Fargo & Co. gained 1.35% to $59.36.
Among other notable movers, Cadence Bancorp. gained 2.35% to $25.31, KeyCorp rose 1.86% to $19.74, and Provident Financial Services Inc. lost 1.19% to $27.50.
In economic news, U.S. initial claims for unemployment benefits fell for the third consecutive week, decreasing to 236,000 for the week ended Dec. 2 from the previous week's unrevised level of 238,000, according to the Labor Department.
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