Item 8.01 Other Events.

On November 17, 2008, The First Bancshares, Inc. announced the next step in its efforts to cut expenses and redesign its business model to become more efficient and diversified. This step reduces its workforce by thirteen positions, or approximately 7.8%, through elimination of certain job titles based on declining growth rate and declining transaction levels. The vast majority of employees will not be impacted, and headcount overall is expected to remain stable throughout the remainder of 2008. The First Bancshares, Inc. will reflect a charge of $44 thousand (pre-tax) in the fourth quarter of 2008 associated with these force reductions.

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