The $5.5 billion-asset company disclosed in a regulatory filing
Friday that its bank unit, The First, had filed an application with the Mississippi Department of
Banking and Consumer Finance to convert to a state charter.
The First also filed a notice with the Office of the Comptroller of
the Currency, its current primary federal regulator.
The bank plans to apply
with the Federal Reserve Bank of Atlanta to remain a member bank of the Fed
System.
The Fed would become the bank's primary federal regulator.
The bank will change its name to The First Bank after the charter
conversion is completed.
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