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Dec 6, 7:19 PM EST

Mississippi bank to buy Florida institution for $32M


HATTIESBURG, Miss. (AP) -- An acquisitive Mississippi bank is buying a bank in Florida's capital city.

The First Bancshares Inc. of Hattiesburg announced Wednesday that it's buying Sunshine Financial Inc. of Tallahassee, Florida for $32 million in stock and cash.

It owns Sunshine Community Bank, with five offices and $194 million in assets.

Stockholders will get 75 percent stock and 25 percent cash. The sale is expected to close by June 30, and The First says it will immediately add to profits.

It's the second acquisition announced since November for the Mississippi bank, and the eighth since 2011. The First is also currently spending $60 million to buy southwest Alabama's First Community Bank.

After both deals, The First expects to have $2.4 billion in assets, with 63 offices in Mississippi, Louisiana, Alabama and Florida.

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