First Bancshares, Inc. Announces Change in Ratio for Going Private Transaction

Business Wire, April 8, 2008

MOUNTAIN GROVE, Mo. -- First Bancshares, Inc. ("Company") (NASDAQ - FstBksh:FBSI), the holding company for First Home Savings Bank ("Bank"), today announced that it had approved a change in the ratio of its previously approved 1-for-1,000 reverse stock to a 1-for-500 reverse stock split, and its related 1,000-for 1 forward stock split to a 500-for-1 forward stock split (the "Split Transaction"). The Board of Directors' decision to revise the ratio for the Split Transaction was to reduce the aggregate cost of repurchasing these shares.

Following the Company's filing of its going private materials with the Securities and Exchange Commission on February 22, 2008, a number of individuals sought to take advantage of the premium that the Company was willing to pay stockholders who would no longer remain stockholders of the Company after completion of the Split Transaction. Consequently, the cost of the Split Transaction was in excess of the amount that the Board believed was prudent to spend. With respect to financing the Split Transaction, the Bank has received the approval of the Office of Thrift Supervision to pay the Company a dividend of $5.0 million for the purpose of completing the Split Transaction. In addition to revising the ratio of the Split Transaction, the Board of Directors also has reserved the right to abandon the Split Transaction either before or after stockholder approval and will not proceed if the cost of the Split Transaction exceeds $5.0 million.

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, ten full service offices in Marshfield, Ava, Gainesville, Sparta, Springfield, Theodosia, Crane, Galena, Kissee Mills and Rockaway Beach, Missouri, and a loan origination office in Springfield, 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.