The First Bancshares in Hattiesburg, Miss., plans to switch from a national bank charter to a state bank charter.
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.