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.