Brief: First bancshares to acquire Iberville Bank, Gulf Coast Community Bank and also a private placement of preferred stock

First Bancshares (Mississippi)

14/10/2016 14:00

Oct 14 (Reuters) - First Bancshares Inc  FBMS.O  
    * The First Bancshares Inc announces the acquisition of 
Iberville Bank and Gulf Coast Community Bank and a private 
placement of preferred stock 
    * First Bancshares Inc says it has agreed to acquire 100% of 
common stock of Iberville Bank in an all-cash transaction 
    * First bancshares inc says it will pay A. Wilbert's Sons a 
total of $31.1 million in cash 
    * Co says transaction is expected to be accretive in 2018, 
first full year of combined operations 
    * Co says estimated acquisition and conversion related costs 
are approximately $6.6 million on a pre-tax basis 
    * Co estimates annual pre-tax expense reductions associated 
with transaction about 40% of Iberville Bank's annual 
non-interest expenses 
    * Co says transaction is expected to have an earnback period 
of approximately 4 years from completion of transaction 
    * First bancshares also entered into securities purchase 
agreements to sell 3.6 million shares of mandatorily convertible 
non-cumulative, perpetual preferred stock, series e 
 
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