US-based First Bancshares has inked a definitive agreement to buy First National Bank of Baldwin County, for an undisclosed sum.
Commenting on the acquisition, The First president & CEO M Ray "Hoppy" Cole Jr., said that the deal will expand its footprint in the south Alabama region.
Founded in 1996, The First is a national banking association, and operates as a subsidiary of First Bancshares with nearly $720m in assets.
The acquisition will boost the subsidiary’s presence throughout the gulf coast providing five new branches, while adding almost $905m in assets and about $780m in deposits.
Chaffe & Associates, with Jonathan W Briggs served as financial advisor to The First, while Dover Dixon Horne, with lead attorney Garland Binns, Jr., Esq and Forshey Prostok, with lead attorney Jeff Prostok, Esq, acted as its legal advisors.
Jones, Walker, Waechter, Poitevent, Carrere & Denegre, with lead attorneys Michael D. Waters, Esq and C. Ellis Brazeal, III, Esq served as legal advisor to First National Bank of Baldwin County.
Headquartered in Foley, Alabama, First National Bank manages $185m in assets and serves Baldwin County through five locations operating in Foley, Daphne, Fairhope, Gulf Shores, and Orange Beach, AL, as well as a loan production office in Bay Minette, Alabama.