The First Bancshares, Inc. | Stephens

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Financial Advisor

The First Bancshares, Inc.

Value Not Disclosed 09/02/2021 Depository Complete
Lead Banker: Brian Branson
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Transaction Details

  • The First, A National Banking Association (“The First”), headquartered in Hattiesburg, Mississippi and subsidiary of The First Bancshares, Inc. (NASDAQ: FBMS) has entered into a definitive purchase agreement to acquire seven Cadence Bancorporation (NYSE: CADE: “Cadence”) branches in Northeast Mississippi.
  • The First is expected to assume approximately $450 million in deposits for a premium of $1 million and acquire approximately $42 million in loans at par value.
  • The divestiture of these branches is a result of the joint Letter of Agreement entered into between BancorpSouth Bank and Cadence with the United States Department of Justice’s Antitrust Division in connection with the proposed merger of BancorpSouth Bank and Cadence.

About the company

The First Bancshares, Inc.
The First Bancshares, Inc., headquartered in Hattiesburg, Mississippi, is the parent company of The First, A National Banking Association. Founded in 1996, the First has operations in Mississippi, Louisiana, Alabama, Florida and Georgia. The Company’s stock is traded on NASDAQ Global Market under the symbol FBMS.

Cadence Bancorpation
Cadence Bancorporation (NYSE: CADE), headquartered in Houston, Texas, is a regional financial holding company with $18.7 billion in assets as of June 30, 2021. Its wholly owned subsidiary, Cadence Bank, N.A., operates 99 branch locations in Alabama, Florida, Georgia, Mississippi, Tennessee and Texas.

BancorpSouth Bank
BancorpSouth Bank (NYSE: BXS) is headquartered in Tupelo, Mississippi, with approximately $28 billion in assets. BancorpSouth operates approximately 315 full-service branch locations as well as additional mortgage, insurance, and loan production offices in Alabama, Arkansas, Georgia, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas, including an insurance location in Illinois.

Sources: S&P Global Market Intelligence and publicly available information.
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