The First Bancshares (FBMS) signed a stock purchase agreement with A. Wilbert’s Sons Lumber and Shingle Company, the parent company of Iberville Bank,located in Louisiana, under which First Bancshares will acquire 100% of the common stock of Iberville Bank in an all-cash transaction totaling $31.1 million.
Additionally, First Bancshares has also signed an agreement and plan of merger to acquire Gulf Coast Community Bank (GCCB), located in Pensacola, Florida, in an all-stock transaction. The merger consideration is valued at $0.50 per share of GCCB common stock for a total of approximately $2.3 million.
Finally, the company has entered into a securities purchase agreement with a limited number of institutional and other accredited investors, including directors, to sell a total of 3.6 million shares of mandatorily convertible, non-cumulative, non-voting perpetual preferred series E stock at $17.75 per share. This will result in gross proceeds of $63.3 million.
Shares opened more than 6% higher near the high of its 52-week range.
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