The First Bancshares, Inc. Announces Transfer of Listing of Common Stock to the New York Stock Exchange

Rhea-AI Summary

The First Bancshares, parent company of The First Bank, announced its transfer from the Nasdaq to the New York Stock Exchange (NYSE). The common stock is set to begin trading under the ticker symbol 'FBMS' on May 30, 2024. Trading on Nasdaq will continue until May 29, 2024. CEO M. Ray 'Hoppy' Cole Jr. highlighted the company's growth from $294 million to nearly $8 billion in assets since its Nasdaq listing in 2006. The bank has expanded from 7 to over 116 locations across five states. John Tuttle, vice chair of the NYSE Group, welcomed The First Bancshares as the sixteenth bank to join since 2021.

Positive

• The First Bancshares will begin trading on the NYSE on May 30, 2024, under the ticker symbol 'FBMS'.
• The First Bancshares has grown its assets from $294 million to nearly $8 billion since its Nasdaq listing in 2006.
• The bank has expanded from 7 offices to over 116 locations, including 111 branches and five loan offices across five states.
• The transfer to the NYSE may improve visibility and attract new investors.

Negative

• Potential risks and costs associated with the transfer from Nasdaq to the NYSE.
• Uncertainty in market reaction during the transition period.

Insights

Financial Analyst

Transferring the listing of The First Bancshares' common stock to the New York Stock Exchange (NYSE) from Nasdaq can be a strategic move with several implications for investors. While both exchanges are major platforms for trading stocks, the NYSE is known for its auction-based trading system which can potentially offer better price discovery and reduced volatility. This can be beneficial for long-term shareholders looking for stability.

Shifting to the NYSE can also enhance the company's visibility and reputation. Being listed on the NYSE, often seen as more prestigious, may help attract institutional investors, who might have specific mandates to invest only in NYSE-listed companies. This could increase the liquidity of the stock and potentially lead to higher valuations.

From a financial perspective, the continued strong growth of The First Bancshares, reflected in its asset expansion from $294 million to nearly $8 billion, will be under even greater scrutiny. Investors should monitor whether this move translates into increased institutional investment and improved stock performance over time.

Market Research Analyst

The decision to transfer the listing is also a signal of ambition and confidence from The First Bancshares' management. It aligns with the narrative of a regional bank aiming to solidify its status on a national stage. By joining the NYSE, the company could benefit from the exchange's broader investor base and global reach, which is vital for a growing regional franchise.

However, investors should be aware of the operational and regulatory aspects of this transfer. While the NYSE listing can enhance brand perception, it also means adhering to stricter compliance and reporting standards, which could increase operational costs. Additionally, the company needs to ensure that its growth trajectory continues to justify the move and meets investor expectations.

Overall, this change could be positive if the company leverages the new platform effectively and continues its growth and expansion without major disruptions.

HATTIESBURG, Miss.--(BUSINESS WIRE)-- The First Bancshares, Inc. (NASDAQ: FBMS), the parent company of The First Bank, announced today that it is transferring the listing of its common stock to the New York Stock Exchange (NYSE) from The Nasdaq Stock Market LLC (Nasdaq). The First Bancshares’ common stock is expected to begin trading on the NYSE on Thursday, May 30, 2024, under the ticker symbol of “FBMS.” The First Bancshares expects its common stock to continue to trade on Nasdaq until the close of the market on May 29, 2024.

“We are excited to take this next step in our journey as a public company. Since our founding in 1996, we have been committed to providing meaningful value to our employees, customers, communities and shareholders,” said M. Ray “Hoppy” Cole Jr., president and chief executive officer of The First. “As a growing regional franchise serving communities across Mississippi, Louisiana, Alabama, Florida and Georgia, we look forward to joining many of the world’s leading and most prestigious companies that trade on the NYSE and are excited to leverage the NYSE platform and trading model for the benefit of our shareholders.”

Since its initial listing on the Nasdaq in 2006, The First Bancshares has grown from $294 million in assets to nearly $8 billion in assets in less than two decades. Beginning with seven offices in Hattiesburg, Laurel, Purvis, Picayune and Pascagoula, Mississippi, the bank has grown to over 116 locations including 111 branches and five loan offices spanning five states.

“I’m happy to welcome The First Bancshares to the New York Stock Exchange,” said John Tuttle, vice chair, NYSE Group. “As the sixteenth bank to transfer to the NYSE since 2021, the company will feel right at home in our world-class community.”

About The First BANCSHARES, INC.

The First Bancshares, Inc., headquartered in Hattiesburg, Mississippi, is the parent company of The First Bank. Founded in 1996, The First Bank was formed by a group of business leaders who had a vision for creating a bank that would support the communities it served and build sustainable, long-term relationships with clients in those communities. Now, that dream has grown to an $8 billion asset, multi-state financial institution with operations spanning Mississippi, Louisiana, Alabama, Florida and Georgia. As one of the largest certified Community Development Financial Institutions in the nation, The First employs over 1,000 team members in 116 locations throughout the five-state region. Since 2010, the bank has awarded over $70 million in community investments to help support economic growth, job creation and affordable housing projects in economically distressed areas. For more information about The First Bank, visit thefirstbank.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240516076441/en/

M. Ray "Hoppy" Cole, CEO or

Dee Dee Lowery, CFO

Phone: 601-268-8998

 

Source: The First Bancshares, Inc.

FAQ

When will The First Bancshares stock start trading on the NYSE?

The First Bancshares stock will start trading on the NYSE on May 30, 2024.

What is the new ticker symbol for The First Bancshares on the NYSE?

The new ticker symbol for The First Bancshares on the NYSE is 'FBMS'.

Until when will The First Bancshares continue to trade on Nasdaq?

The First Bancshares will continue to trade on Nasdaq until May 29, 2024.

How much has The First Bancshares grown since its Nasdaq listing?

Since its Nasdaq listing in 2006, The First Bancshares has grown its assets from $294 million to nearly $8 billion.

How many locations does The First Bancshares operate?

The First Bancshares operates over 116 locations, including 111 branches and five loan offices across five states.

Why is The First Bancshares transferring to the NYSE?

The First Bancshares is transferring to the NYSE to join a prestigious group of companies and leverage the NYSE platform for the benefit of its shareholders.