First Bancshares, Inc. Announces Appointment of New Chief Financial Officer.

MOUNTAIN GROVE, Mo. -- First Bancshares, Inc. (The Nasdaq Stock Market LLC:FBSI) (the "Company"), the parent company of First Home Savings Bank, Mountain Grove, Missouri ("Bank"), today announced that Ronald J. Walters has been named Senior Vice President and Chief Financial Officer of the Company and the Bank.

Mr. Walters joins the Company and the Bank from Meta Financial Group, Inc., the holding company of MetaBank and MetaBank West Central, located in Storm Lake, Iowa, where he had served as Senior Vice President, Secretary, Treasurer and Chief Financial Officer from December 2003 until January 2006. Prior to that, he spent 19 years at KFS Bank, F.S.B., the financial institution subsidiary of Kankakee Bancorp, Inc. (established in 1992), located in Kankakee, Illinois, where he held a number of positions, with the most recent being Senior Vice President, Treasurer and Chief Financial Officer of KFS Bank, F.S.B., and as Vice President and Treasurer of Kankakee Bancorp. Mr. Walters has been a Certified Public Accountant since 1974, and received a Bachelors of Science Degree in Accounting from the University of Illinois, Chicago, Illinois.

In announcing Mr. Walters' appointment, Mr. James W. Duncan, President and Chief Executive Officer, stated "We are pleased to welcome Ron and feel very fortunate to have an executive with his experience joining our organization. He has over 30 years of combined experience in financial services in public accounting and in the banking industry and will play a key role in our management team."

First Home Savings Bank is an 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 branch facilities in Springfield, Marshfield, Ava, Gainesville, Sparta, Theodosia, Crane, Galena, Kissee Mills and Rockaway Beach, Missouri.

At September 30, 2006, First Bancshares, Inc. had consolidated total assets of $227.1 million and stockholders' equity of $26.4 million.

Forward-looking statements:

Certain matters discussed in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are made pursuant to the safe harbors of the PSLRA. Any such forward-looking statements are subject to various risks and uncertainties and are therefore qualified by First Bancshares, Inc.'s cautionary statements contained in its filings with the Securities and Exchange Commission, including, but not limited to Annual Reports on Form 10-KSB, Quarterly Reports on Form 10-QSB and Current Reports on Form 8-K. Accordingly, these factors should be considered in evaluating forward-looking statements, and undue reliance should not be placed on such statements. The Company undertakes no responsibility to update or revise any forward-looking statements.