Merrillville, IN – First Bancshares, Inc. (the “Company”), the financial holding company for Centier Bank, recently completed a private placement offering of $60.0 million in aggregate principal amount of 4.0% fixed-to-floating rate subordinated notes due 2032 (the “Notes”) to qualified institutional investors. The Company intends to use the net proceeds of the offering to replace extant debt, support future growth, and for general corporate purposes.

Brean Capital, LLC served as the Company’s exclusive Advisor and Sole Placement Agent in connection with this transaction. Vedder Price P.C. served as the Company’s legal counsel.

The Notes will initially bear interest at a rate of 4.00% per annum from the issue date to May 1, 2027, with interest payable semi-annually in arrears. From May 1, 2027 to the stated maturity date or early redemption date, the interest rate will reset quarterly to a floating rate per annum equal to a benchmark rate, which is expected to be the then three-month term Secured Overnight Financing Rate (SOFR), plus a spread of 126 basis points, payable quarterly in arrears. The Notes are redeemable by the Company, in whole or in part, on or after May 1, 2027, and at any time upon the occurrence of certain events. The Notes have been structured to qualify as Tier 2 capital for the Company for regulatory capital purposes.

“We could not be more pleased with the strong support given the current economic environment” stated Scott May, Chief Financial Officer of Centier Bank. “This capital is fundamental in replacing extant maturing debt capital as well as executing our growth strategies throughout the markets we serve.”

First Bancshares, Inc. is the holding company for Centier Bank. Founded in 1895, the Bank is in its fourth generation of ownership.  As of December 31, 2021, Centier Bank had total assets of $6.2 billion across its 58 full-service branch locations in Indiana. Additional information can be found at:

Brean Capital’s Investment Banking Group is dedicated to helping its clients achieve their strategic and financial goals. For more than 40 years, the Firm has specialized in providing capital raising, M&A and financial advisory services to middle market businesses. Throughout its history, Brean Capital has established a track record of providing its clients with deep market knowledge, commitment and experience to ensure a successful transaction.  For more information, please visit:

The Notes have not been registered under the Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release is for informational purposes only and shall not constitute an offer to sell, or the solicitation of an offer to buy any security, nor shall there be any sale in any jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The indebtedness evidenced by the Notes is not a deposit and is not insured by the Federal Deposit Insurance Corporation or any other government agency or fund.

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Interested to learn more and see how Brean Capital can help your business? Contact the team below:

Managing Director
(212) 702-6614

Managing Director
(212) 655-4869

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