First Bancshares Eligible for Up to $175 Million Investment Under Treasury Program
December 15 2021 - 7:30AM
Dow Jones News
By Colin Kellaher
First Bancshares Inc. on Thursday said it is eligible for an
investment of up to $175 million from a U.S. Treasury Department
program aimed at boosting lending to small and minority-owned
businesses and people living in poorer communities with limited
access to banking.
The Hattiesburg, Miss., bank holding company said it hasn't yet
determined whether it will accept the proposed investment, which
would be in the form of in non-dilutive Tier 1 perpetual preferred
capital, under the Treasury's Emergency Capital Investment
Program.
The Treasury on Tuesday announced the release of $8.7 billion
under the program, which was created earlier this year to encourage
low- and moderate-income community financial institutions to
increase their efforts to support small businesses and consumers in
their communities.
According to published reports, the $8.7 billion will be going
to 186 community-based financial institutions based in 36 states,
as well as Guam and Washington, D.C., in distributions ranging from
less than $100,000 to more than $200 million.
First Bancshares said that if it accepts the investment, it
would be required to fulfill certain conditions established by the
Treasury and would be subject to certain restrictions.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
December 15, 2021 07:15 ET (12:15 GMT)
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