Summary of FIRST BANCSHARES INC /MO/

Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.

(a)(b) On October 31, 2008, First Bancshares, Inc. ("Company") announced that Daniel P. Katzfey, President, Chief Executive Officer and director of the Company and First Home Savings Bank ("Bank") had resigned effective October 28, 2008. Mr. Katzfey's letter of resignation did not indicate that his resignation was in connection with any disagreement with the Company or the Bank pertaining to the Company's or the Bank's operations, policies or practices. Mr. Katzfey served on the Bank's Loan Committee and did not serve on any other committees of the Company's or the Bank's respective Boards of Directors. In connection with his resignation, Mr. Katzfey will continue to receive his salary and benefits from the Company and the Bank through December 31, 2008.

(c) (1) The Company also announced that the Board of Directors had appointed Thomas M. Sutherland, Chairman of the Company's and Bank's Boards of Directors, to serve as the interim Chief Executive Officer of the Company and the Bank. Mr. Sutherland has served as Chairman of the Board of the Company's and Bank's Boards of Directors since 2005.

(2) The Company also announced that it had appointed Lannie E. Crawford, a Senior Vice President of the Bank, to serve as interim President of the Company and the Bank. Mr. Crawford joined the Bank in November 2007 and has more than 30 years of experience with financial institutions.

(d) The Company also announced on October 31, 2008 that R.J. Breidenthal had been selected to fill the vacancy created on the Boards of Directors of Company and the Bank by Mr. Katzfey's resignation. Mr. Breidenthal has served as an advisory director of the Company and the Bank since December 2006. Mr. Breidenthal serves on the Bank's Loan Committee and the Company's Compensation Committee.

Mr. Breidenthal is the first cousin of Thomas M. Sutherland, the Chairman of the Board of the Company and the Bank. Mr. Breidenthal was not appointed as a director of the Company or the Bank pursuant to any arrangement or understanding with any person. Furthermore, Mr. Breidenthal has not engaged in any transaction with the Company or the Bank that would be reportable as a related party transaction under the rules of the Securities and Exchange Commission.