First Bancshares, Inc. Announces Appointment of New President and Chief Executive Officer.

MOUNTAIN GROVE, Mo. -- First Bancshares, Inc. (The Nasdaq Stock Market LLC - FstBksh: "FBSI") (the "Company"), the parent company of First Home Savings Bank, Mountain Grove, Missouri ("Bank"), today announced that Daniel P. Katzfey was appointed as President and Chief Executive Officer of the Company and of the Bank. Mr. Katzfey joined the Bank on November 20, 2006 as Executive Vice President and Chief Lending Officer. On December 22, 2006, Mr. Katzfey was appointed as Interim President and Chief Executive Officer of the Company and the Bank following the resignation of Mr. James W. Duncan as President and Chief Executive Officer of the Company, the Bank and its affiliated entities.

Mr. Katzfey joins the Bank from Village Bank located in Springfield, Missouri, where he had served as Executive Vice President and Commercial Lender since February 2004. As Executive Vice President and Commercial Lender, he was responsible for loan review, loan administration, the credit department, loan processing and loan oversight. From May 1, 2001 to February 1, 2004 he was the Senior Loan Officer, Loan Review Officer, Compliance Officer, Internal Auditor, Security Officer and Willard Branch Manager at Sun Security Bank (formerly Citizens Home Bank) located in Greenfield, Missouri. Mr. Katzfey is a graduate of Missouri State University and has a Bachelor of Science Degree in Finance.

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.