First Bancshares Redeems BCB Holding's TARP Shares

American Banker
Monday, July 14, 2014

First Bancshares of Hattiesburg, Miss., has redeemed the preferred stock BCB Holding in Mobile, Ala., issued to the Treasury Department under TARP's Capital Purchase Program (CPP). The First Bancshares bought BCB on July 1 and redeemed the $2.1 million in TARP stock earlier this week. First Bancshares also assumed a $600,000 promissory note to Alostar Bank. The total consideration for BCB also included $1.3 million in cash and 158,000 shares of common stock valued at $2.3 million.