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First Bancshares Receives Regulatory Approval for Merger with Beach Bancorp

July 11, 2022, 07:10 AM
Filed Under: Mergers & Acquisitions

The First Bancshares, Inc., holding company for The First Bank (The First), announced it has received all required regulatory approvals for the consummation of its proposed acquisition of Beach Bancorp, Inc. (BBI), parent company of Beach Bank based in Fort Walton Beach, FL.

The proposed acquisition, originally announced on April 26, is anticipated to become effective on Aug. 1, subject to the satisfaction of customary closing conditions and the approval of the transaction by BBI’s shareholders at the special meeting of BBI shareholders on July 21.

The proposed acquisition will deepen The First’s presence in the Florida panhandle, while also providing an entry into the Tampa, Florida market. Upon the completion of the acquisition, Beach Bank will merge with and into The First Bank.

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