HATTIESBURG, Miss. (AP) — A Mississippi bank is expanding further into Alabama.
First Bancshares of Hattiesburg said Thursday that it will buy BCB Holding Co. of Mobile, Ala. for about $6.6 million in cash and stock.
BCB is the parent company of Bay Bank, which has $80 million in assets.
First Bancshares, the parent company of The First bank, says it expects to complete the acquisition before June's end. Regulators and shareholders of BCB must first approve.
At least 30 percent of the purchase will be paid for with newly issued First Bancshares stock. The company says it expects the acquisition to cut 2014 profits by $400,000, but add to profits in 2015.
First Bancshares bought the bankrupt holding company of First National Bank of Baldwin County in Alabama in 2013 for $3.3 million.