HATTIESBURG — Chairman of the Board of The First, David E. Johnson, announced this week that M. Ray “Hoppy” Cole will be named Chief Executive Officer (CEO) of The First, A National Banking Association and The First Bancshares (Nasdaq: FBMS).
Cole took over the day-to-day operations of the South Mississippi bank on Sept. 14.
Cole is a founding Director of the First National Bank of the Pine Belt (the predecessor bank of the current Laurel branch) and a Director of The First Bancshares, Inc. Cole joined the bank as President of the Picayune location in 2002, was named President of the banking system in 2006, and relocated his office to Hattiesburg in 2007.
Cole graduated from the University of Mississippi where he earned a Bachelor’s and Master’s Degree in Business Administration. He began his career with The First National Bank of Commerce in New Orleans, La., where he held the position of Corporate Banking Officer. He joined Sunburst Bank in Laurel, serving as Senior Lender and later as President of the Laurel office. Cole attended the Stonier Graduate School of Banking at the University of Delaware. He has also served as Secretary/Treasurer of a privately-held corporation.
Johnson will continue as Chairman of the Board, carrying out newly-expanded responsibilities of that office.
“Market conditions and growth within our bank have brought about the necessity of separating the critical duties of the CEO and Chairman of the Board to ensure protection for our shareholders,” said Johnson. “The First has grown from a Hattiesburg-Laurel bank to a $475 million dollar institution with ten locations in eight South Mississippi cities. Separating the duties of Chairman and CEO is good corporate governance. Hoppy has done an outstanding job as President, and I look forward to his leadership as CEO.”
The First began in South Mississippi in August 1996, and has full-service banking locations in Hattiesburg, Purvis, Laurel, Picayune, Pascagoula, Bay St. Louis, Wiggins and Gulfport.
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Cole named CEO of The First
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