The First Bank and Heritage Southeast Bank Receive Regulatory Approval for Merger

The First Bancshares, parent company of The First Bank, and Heritage Southeast Bancorporation, parent company of Heritage Southeast Bank, received regulatory approval from the board of governors of the Federal Reserve to complete their previously announced merger. First Bancshares also received a non-objection letter from the Mississippi Department of Banking and Consumer Finance in connection with the transaction.

Completion of the merger remains subject to a 15-day waiting period and the satisfaction or waiver of other customary closing conditions, including the approval of the shareholders of First Bancshares and Heritage Southeast Bancorporation. Assuming such conditions are satisfied, the transaction is expected to close in early January.

Upon completion of the transaction, the combined company is expected to have approximately $8 billion in assets, $7 billion in deposits, $5 billion in loans and more than 100 branches across five states in the Southeast.

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