The First Bancshares has agreed to acquire Sunshine Financial, the parent company of Sunshine Community Bank, in a stock-cash deal valued at $32.1m.

In lieu of each share of Sunshine common stock, its shareholder will have the option to receive either $27 in cash or 0.93 share of First Bancshares’ common stock.

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Sunshine had about $194m in assets, $161m in loans, $142m in deposits and $22.2 m in stockholder’s equity, as of 30 September 2017.

Sunshine Community Bank serves Leon County, Florida, through five branch locations operating in Tallahassee. The acquisition will expand The First’s presence in the Florida panhandle and give it entry into the Tallahassee market.

Sunshine president and CEO Louis Davis, Jr., said: “We are very happy to join First Bancshares and believe this combination will provide significant value to our shareholders, clients and employees.

“We also believe this is a natural fit which increases lending capabilities, expands capital resources and provides a more expansive product offering to the Tallahassee business community.”

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The deal is expected to complete in the second quarter of 2018, subject to customary conditions, including regulatory approval and approval by the shareholders of Sunshine.

Upon completion of all transactions, including First Bancshares pending acquisition of Southwest Banc Shares, the combined entity will have nearly $2.4bn in total assets, $2bn in total deposits and $1.6bn in total loans. The joint bank will have 63 offices in Mississippi, Louisiana, Alabama, and Florida.