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9 months ago
BRIEF-First bancshares to acquire Iberville Bank, Gulf Coast Community Bank and also a private placement of preferred stock
October 14, 2016 / 1:34 PM / 9 months ago

BRIEF-First bancshares to acquire Iberville Bank, Gulf Coast Community Bank and also a private placement of preferred stock

2 Min Read

Oct 14 (Reuters) - First Bancshares Inc

* The First Bancshares Inc announces the acquisition of Iberville Bank and Gulf Coast Community Bank and a private placement of preferred stock

* First Bancshares Inc says it has agreed to acquire 100% of common stock of Iberville Bank in an all-cash transaction

* First bancshares inc says it will pay A. Wilbert's Sons a total of $31.1 million in cash

* Co says transaction is expected to be accretive in 2018, first full year of combined operations

* Co says estimated acquisition and conversion related costs are approximately $6.6 million on a pre-tax basis

* Co estimates annual pre-tax expense reductions associated with transaction about 40% of Iberville Bank's annual non-interest expenses

* Co says transaction is expected to have an earnback period of approximately 4 years from completion of transaction

* First bancshares also entered into securities purchase agreements to sell 3.6 million shares of mandatorily convertible non-cumulative, perpetual preferred stock, series e Source text for Eikon: Further company coverage:

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