MOUNTAIN GROVE, Mo., Feb. 3, 2014 (GLOBE NEWSWIRE) — First Bancshares, Inc. (“Company”) (FBSI), the holding company for First Home Savings Bank (“Bank”), today announced that the Bank had completed its charter conversion to a Missouri chartered non-member commercial bank from a Missouri chartered stock non-member thrift and has changed its corporate title to “First Home Bank.” In connection with the Bank’s charter conversion, the Federal Reserve Bank of St. Louis approved the Company’s application to become a bank holding company; the Company previously operated as a thrift holding company. The effective date for the charter conversion and for the Company to become a bank holding company was January 22, 2014.
“Our conversion to a state-chartered non-member commercial bank reflects the Bank’s operating strategy and will also result in reduced regulatory fees,” said R. Bradley Weaver, President and Chief Executive Officer of the Company and the Bank.
First Bancshares, Inc. is the bank holding company for First Home Bank, a FDIC-insured commercial bank chartered by the State of Missouri that conducts business from its home office in Mountain Grove, Missouri, and seven full service offices in Marshfield, Ava, Gainesville, Sparta, Springfield, Crane, and Kissee Mills, Missouri.
The Company and its wholly-owned subsidiary, First Home Bank, may from time to time make written or oral “forward-looking statements” in its reports to stockholders, and in other communications by the Company, which are made in good faith by the Company pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995.