HATTIESBURG, Miss. (AP) – A Mississippi bank is buying an Alabama bank for $60 million, expanding its footprint in the southwest part of Alabama.
The First Banchshares Inc. of Hattiesburg announced Tuesday that it will buy Southwest Banc Shares Inc. of Chatom, Alabama.
The First will pay $36 million in stock and $24 million in cash. The Mississippi bank plans to sell $45 million in stock, in part to pay for the purchase.
The Mississippi bank also operates in Louisiana, Alabama and Florida. Southwest operates as First Community Bank in Alabama’s Washington, Mobile and Baldwin counties.
It’s the seventh acquisition for The First since 2011. The deal would push The First over $2 billion in assets and give the bank about 5 percent of the deposit market in the three Alabama counties.