SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) September 29, 1997
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First Bancshares, Inc.
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(Exact name of registrant as specified in its charter)
Missouri 0-22842 43-1654695
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(State or other (Commission File Number) (I.R.S. Employer
jurisdiction of Identification
incorporation) Number)
142 East First Street, Mountain Grove, Missouri 65711
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (417) 926-5151
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On September 26, 1997, First Home Savings Bank ("FHSB"), the wholly-
owned subsidiary of First Bancshares, Inc. ("FBSI"),and NationsBank,
N.A. ("NationsBank") entered into a Purchase and Assumption Agreement
("Agreement"). Pursuant to the Agreement FHSB will purchase the
assets and assume the liabilities of the Crane Banking Center and the
Galena Banking Center ("Banking Centers") of NationsBank. Both
centers are in Missouri.
FHSB will pay to NationsBank a sum equal to: (1) net book value as
of the closing for the real and personal property, (2) a premium for
deposit liabilities and franchise value relating to the Banking
Centers equal to 5.21% of the deposit liabilities and a premium for
the loans equal to 2.25% of the net book value (does not include any
loan loss reserves or general reserve) at closing, and (3) the face
amount of the coins and currency. In no event is the premium
described in (2) to exceed $1,225,000 in the aggregate, based on the
respective balances at the closing date.
In accordance with the Agreement, FHSB will offer employment to all
employees employed by NationsBank at the Banking Centers at their
current functional position and will remuneration not less than
current levels.
Closing is to be within 31 calendar days following the date of all
approvals by regulatory agencies and after all statutory waiting
periods have expired, but not before March 12, 1998.
At the Closing, NationsBank agrees to pay FHSB the excess amount, if
any, of the amount of Deposit Liabilities assumed over the aggregate
purchase price described above. FHSB agrees to pay NationsBank the
excess, if any, of the purchase price over the Deposit Liabilities
assumed.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
FIRST BANCSHARES, INC.
By /s/ Stephen H. Romines
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Stephen H. Romines
President
Date: October 10, 1997
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Exhibit 99.1 Text of press release, dated September 29, 1997,
issued by First Bancshares, Inc.
FOR IMMEDIATE RELEASE
September 29, 1997 - First Home Savings Bank officials in Mountain
Grove, Mo., and NationsBank officials in Crane, Mo., announced today
that First Home Savings Bank has signed an agreement to purchase the
NationsBank banking centers in Crane and Galena, Mo. Combined assets
