First Bancshares, Inc. Announces Appointment of a New Director and Chief Executive Officer of First Home Savings Bank
May 10 2011 - 12:02PM
First Bancshares, Inc. (Nasdaq:FBSI) (the "Company"), the parent
company of First Home Savings Bank, Mountain Grove, Missouri
("Bank"), today announced that R. Bradley Weaver has been named
Chief Executive Officer, Director and Chairman of the Board of the
Bank, effective May 16, 2011. He will replace Thomas M. Sutherland
as Chief Executive Officer and Chairman of the Board. Mr.
Sutherland will remain a director of the Bank. In addition, the
Board of Directors of the Company anticipates appointing Mr. Weaver
to be the Chief Executive Officer, Director and Chairman of First
Bancshares, Inc. subject to the concurrence of the regulators.
Mr. Lannie Crawford will continue to serve as President of
the Bank and the Company.
Mr. Weaver has over thirty years of experience in banking, more
than 20 of which have been in southwest Missouri, most recently as
Senior Vice President Commercial Lending at BancorpSouth Bank in
Springfield, Missouri. He previously held positions of increasing
responsibility at Mid Missouri Bancshares, where he became
President and Chief Executive Officer, and at UMB Financial
Corporation, where he held the position of CEO with two community
banks before holding the office of Regional President of UMB Bank
n.a.
In addition to his many years of experience, Mr. Weaver has
developed his extensive knowledge of banking through the Colorado
Graduate School of Banking, Kansas State School of Agricultural
Banking and the Oklahoma Commercial Lending School.
Mr. Weaver is currently a member of the Board of Directors with
Abilities First, The Greene County Resource Board for People with
Developmental Disabilities and has been a member of the Advisory
Board at Breech School of Business on the Drury University Campus
for nearly 10 years.
First Bancshares, Inc. is the holding company for First Home
Savings Bank, a FDIC-insured savings bank chartered by the State of
Missouri that conducts business from its home office in Mountain
Grove, Missouri, and ten full service offices in Marshfield, Ava,
Gainesville, Sparta, Springfield, Theodosia, Crane, Galena, Kissee
Mills and Rockaway Beach, Missouri.
At December 31, 2010, First Bancshares, Inc. had consolidated
total assets of $204.5 million and stockholders' equity of $20.5
million.
The Company and its wholly-owned subsidiaries, First Home
Savings Bank and SCMG, Inc. 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, our compliance with
the Orders to Cease and Desist, 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. Additional
discussion of factors affecting the Company's business and
prospects is contained in the Company's periodic filings with the
SEC. 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: Lannie Crawford
417-926-5151
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