UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 1, 2007
FIRST BANCSHARES, INC.
(Exact name of registrant as specified in its charter)
Missouri 000-22842 43-1654695
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
142 East First Street, Mountain Grove, Missouri 65711
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (417) 926-5151
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of
the following provisions.
[ ] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 8.01 Other Events.
On March 1, 2007, First Bancshares, Inc. ("Company") announced that its
Board of Directors has determined to suspend the payment of dividends on the
Company's common stock. A copy of the press release announcing the dividend
suspension is attached hereto as Exhibit 99.1 and incorporated herein by
reference.
Item 9.01. Financial Statements and Exhibits.
(c) Exhibits
99.1 Press release of First Bancshares, Inc. dated March 1, 2007.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: March 1, 2007 FIRST BANCSHARES, INC.
/s/Ronald J. Walters
---------------------------------------
Ronald J. Walters
Senior Vice President and Chief Financial
Officer
(Principal Financial and Accounting Officer)
Exhibit 99.1
Press release of First Bancshares, Inc. dated March 1, 2007
FIRST BANCSHARES, INC. ANNOUNCES SUSPENSION OF DIVIDEND PAYMENTS
Mountain Grove, Missouri (March 1, 2007) - First Bancshares, Inc. (NASDAQ -
FstBksh : FBSI), the holding company for First Home Savings Bank, today
announced that the Board of Directors, at its regular monthly meeting on
February 23, 2007, decided to suspend the payment of dividends on the
Company's common shares.
According to President and Chief Executive Officer, Daniel Katzfey,
"Suspending dividend payments on our common shares was a difficult decision
believed to be in the best interest of the Company when taking recent
earnings, which have been negatively impacted by restructuring expenses in
both the management and the operations of the Bank, into consideration. We are
working diligently to be in a position to resume dividend payments in the near
future."
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.
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; 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 filing 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: Daniel P. Katzfey, President and
Chief Executive Officer (417) 926-5151