Business

South Mississippi bank acquires Florida bank

The First, a National Banking Association, has announced the acquisition of Sunshine Financial bank in Tallahassee, Florida.

The First will now serve customers with 63 locations in Mississippi, Louisiana, Alabama and Florida. The combined company will have approximately $2.4 billion in total assets, $2 billion in total deposits and $1.6 billion in total loans.

M. Ray “Hoppy” Cole, president and CEO of The First, said the combination of the companies will provide increased capacity and expanded product lines. Tallahassee is a growing market, he said, which is a natural extension of The First’s strategic vision to build market share in the Florida panhandle and a regional community bank in the Gulf South.

The First has achieved 72 consecutive quarters of profitability and earned the highest 5 Star Rating by BauerFinancial.

Sun Herald

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