Janney Advised The First Bancshares, Inc. In Acquisition Of First Florida Bancorp, Inc.Mississippi-based The First Bancshares, Inc., (First Bancshares), the holding company of The First, A National Banking Association (The First), will acquire Florida-based First Florida Bancorp, Inc. (FFB), the parent company of First Florida Bank. 

The First Bancshares, Inc. (NASDAQ:FBMS) has announced an $85 million merger agreement with First Florida Bancorp, Inc.
 
Janney Advised The First Bancshares, Inc. In Acquisition Of First Florida Bancorp, Inc.Mississippi-based The First Bancshares, Inc., (First Bancshares), the holding company of The First, A National Banking Association (The First), will acquire Florida-based First Florida Bancorp, Inc. (FFB), the parent company of First Florida Bank.
 
Under terms of the agreement, First Banchshares and FFB will merge their holding and parent companies as well as their subsidiaries. FFB shareholders will receive $5.20 in cash and 0.257 of a share of First Bancshares’ common stock in exchange for each share of FFB stock. The merger is valued at approximately $85 million. That valuation is based on 6,395,812 shares of FFB common stock outstanding, 152,500 in-the-money incentive stock options to purchase shares of FFB common stock, and FBMS’ 10-day average closing price of $30.30 per share as of July 17, 2019.
 
At June 30, 2019, FFB had approximately $451 million in assets, $255 million in loans, $387 million in deposits and $48 million in consolidated stockholders’ equity. FFB serves Florida through six offices and one loan production office. The transaction will further The First Bancshares’ regional expansion and add market share in Florida.
 
M. Ray “Hoppy” Cole, President & Chief Executive Officer of First Bancshares and The First, said, “We are excited about our merger with First Florida Bancorp. First Florida is a well-respected, premier financial institution. Our banks share a common goal of continued growth by delivering exceptional service to our clients and providing superior returns for our shareholders. Our partnership with First Florida will substantially improve our market share in Florida and further our strategic vision of building a high performing regional community bank.”
 
The team at Janney included Matt Veneri, Managing Director, Co-Head of Investment Banking, and Greg Gersack, Managing Director, Head of Capital Markets and Head of MidWest and West Coast Depositories (FIG).
 

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Greg Gersack

Head of Equity Capital Markets

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