First Bancshares, Inc. Announces Lifting of Agreement With the Banking
MOUNTAIN GROVE, Mo., March 22, 2013 (GLOBE NEWSWIRE) -- First Bancshares, Inc.
(OTCQB:FBSI), the holding company for First Home Savings Bank ("Bank"), today
announced the termination of the Agreement that First Home Savings Bank had
entered into with the Director of the Division of Finance of the State of
Missouri and the Federal Deposit Insurance Corporation on November 3, 2011.
The termination of the Agreement is effective on March 15, 2013.
"We are pleased that our regulators have acknowledged the significant
improvements at the Bank," said Brad Weaver, Chairman, President and Chief
Executive Officer of the Bank. "Many of the items contained in the Agreement
with the regulators consisted of Best Practices and we have implemented
revised policies and procedures so we can continue to follow these guidelines
going forward. I would like to thank the entire team at the Bank for its
dedication and commitment that have enabled us to attain this important
milestone. With a solid capital foundation, we are well positioned for the
future as we continue to execute on our strategies and priorities to
strengthen our franchise."
First Bancshares, Inc. is the holding company for First Home Savings Bank, an
FDIC-insured savings bank chartered by the State of Missouri that conducts
business from its home office in Mountain Grove, Missouri and eight full
service offices in Marshfield, Ava, Gainesville, Sparta, Springfield, Crane,
Kissee Mills and Rockaway Beach, Missouri.
The Company and its wholly-owned subsidiary, First Home Savings Bank, may from
time to time make written or oral "forward-looking statements," including
statements contained in its filings with the Securities and Exchange
Commission, 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.
These forward-looking statements include statements with respect to the
Company's beliefs, expectations, estimates and intentions that are subject to
significant risks and uncertainties, and are subject to change based on
various factors, some of which are beyond the Company's control. Such
statements address the following subjects: future operating results; customer
growth and retention; loan and other product demand; earnings growth and
expectations; new products and services; credit quality and adequacy of
reserves; results of examinations by our bank regulators; technology, and our
employees. The following factors, among others, could cause the Company's
financial performance to differ materially from the expectations, estimates
and intentions expressed in such forward-looking statements: the strength of
the United States economy in general and the strength of the local economies
in which the Company conducts operations; the effects of, and changes in,
trade, monetary, and fiscal policies and laws, including interest rate
policies of the Federal Reserve Board; inflation, interest rate, market, and
monetary fluctuations; the timely development and acceptance of new products
and services of the Company and the perceived overall value of these products
and services by users; the impact of changes in financial services' laws and
regulations; technological changes; acquisitions; changes in consumer spending
and savings habits; and the success of the Company at managing and collecting
assets of borrowers in default and managing the risks of the foregoing.
The foregoing list of factors is not exclusive. The Company does not
undertake, and expressly disclaims any intent or obligation, to update any
forward-looking statement, whether written or oral, that may be made from time
to time by or on behalf of the Company.
CONTACT: R. Bradley Weaver, President and CEO - (417) 926-5151
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