First Bancshares Redeems BCB Holding's Tarp Shares

First Bancshares (FBMS) in Hattiesburg, Miss., has redeemed preferred stock BCB Holding in Mobile, Ala., issued to the Treasury Department under the Troubled Asset Relief Program.

The $941 million-asset First Bancshares bought BCB on July 1. The company said in a regulatory filing Monday that it redeemed the $2.1 million in Tarp stock that BCB had issued to the Treasury. 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, the filing said.

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