Alston & Bird client The First Bancshares, Inc., holding company for The First, A National Banking Association, has entered into an agreement to acquire Sunshine Financial, Inc. and its banking subsidiary, Sunshine Community Bank, for approximately $32 million.
Listed on the Nasdaq market, The First is a rapidly growing community bank based in Mississippi with approximately $1.8 billion in assets and more than 40 branches. The transaction will expand The First’s footprint in the Florida panhandle, including its entry into the Tallahassee market. Sunshine Community Bank has five branches, $161 million in loans, and $142 million in deposits.
The merger is expected to close in the second quarter of 2018, after receipt of regulatory approvals, approval of Sunshine’s shareholders, and satisfaction of customary closing conditions.
Advising The First is an Alston & Bird team led by partner Mark Kanaly, assisted by partner Lesley Solomon, senior associate David Park, and associates Will Hooper and John Gerl (Financial Services & Products); partner Blake MacKay, counsel Kerry Wenzel, senior associate Kyle Woods, and associate Meredith Gage (Employee Benefits & Executive Compensation); and partner Brett Coburn and senior associate Alex Barnett (Labor & Employment).