Investment Banking - First Bancshares, Inc.

Transactions | Banking

Client: First Bancshares, Inc.
Industry: Banking
Transaction Type: Subordinated Notes
Role: Sole Placement Agent

First Bancshares, Inc. Completes $8.0 Million
Subordinated Debt Offering

  • First Bancshares, Inc. (OTCPK: FIBH) (the “Company”) is the parent holding company of First National Bank of Bellevue (the “Bank”). The Bank is the primary operating company of the corporation and consists of a community bank with eight Ohio banking offices located in Bellevue, Catawba Island, Clyde, Fremont, Port Clinton, Put-in-Bay, and Sandusky. As of September 30, 2020, the Company had $285.0 million in total assets.
  • On February 2, 2021, the Company completed a private placement of $8.0 million aggregate principal amount of its 4.625% Fixed-to-Floating Rate Subordinated Notes due February 15, 2031 (the “Notes”) to various accredited investors (the “Offering”).
  • The Notes will bear an interest rate of 4.625% per year for the first five years and then will float at a rate of 432 basis points above the Three-Month Term SOFR. The Notes are callable without penalty after five years.
  • The Company intends to use the net proceeds from the Offering for general corporate purposes.
  • Boenning & Scattergood served as Sole Placement Agent for the Offering.

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