Mississippi bank completes purchase of Florida bank for $32M

HATTIESBURG, Miss. (AP) – A Mississippi bank has completed its purchase of a bank in Florida’s capital city.

The First Bancshares Inc. of Hattiesburg announced Monday it has closed the acquisition of Sunshine Financial Inc. of Tallahassee, Florida, for $32 million in stock and cash.

The former Sunshine Community Bank, with five offices and $194 million in assets, now operates as The First.

Stockholders are getting 75 percent stock and 25 percent cash. The First says the purchase will immediately add to profits.

It’s the second acquisition since November for the Mississippi bank, and the eighth since 2011. On March 1, The First completed a $60 million takeover of southwest Alabama’s First Community Bank.

After both deals, The First has $2.4 billion in assets, with 63 offices in Mississippi, Louisiana, Alabama and Florida.

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