First Bancshares closes in to wrap up $117m acquisition of Beach Bancorp
The First Bancshares said that it has secured all the necessary regulatory approvals for closing the previously announced $116.7 million acquisition of Beach Bancorp, the holding company for Florida-based Beach Bank.
According to the Mississippi-based holding company, the all-stock deal is expected to close on 1 August 2022. It will be contingent on customary closing conditions as well as the approval of Beach Bancorp’s shareholders, which would be sought on 21 July 2022.
The deal was announced in April 2022. At that time, Beach Bank had seven branches in the Florida panhandle and Tampa markets. As of 31 March 2022, it had deposits of around $492 million and $456 million in loans.
First Bancshares closes in to wrap up $117m acquisition of Beach Bancorp
The First Bancshares said that the acquisition will extend the footprint of its subsidiary The First Bank in the Florida panhandle. Besides, it will enable its foray into the Tampa market.
After the closing of the deal, Beach Bank will merge with and into The First Bank.