FirstBanc of Alabama in Talladega has agreed to buy two branches from Southern States Bancshares in Anniston, Ala.
The $850 million-asset FirstBanc said in a press release Monday that it will buy locations in the Alabama communities of Heflin and Ranburne. Most of the loans and deposits will also transfer to FirstBanc.
The branches had $62.5 million of deposits in mid-2021, based on data from the Federal Deposit Insurance Corp.
The deal is expected to close in the second half of this year. FirstBanc did not disclose the price it will pay.
“We have been interested in entering the market for a few years now and this allows our expansion to be an immediate impact to the communities we will serve,” Chad Jones, FirstBanc’s president and CEO, said in the release.
“The branches tie in well with our existing franchise in east central Alabama,” Jones added. “We are committed to … providing our newest Cleburne County customers with exceptional local and personalized service.”
The sale “allows us to better align our branch network with our strategic direction and ensures our customers will continue to receive the same exemplary service they are accustomed to,” Steve Whatley, Southern States’ chairman, said in the release.
Olsen Palmer advised FirstBanc. Performance Trust Capital Partners and Jones Walker advised Southern States.
UPDATE: Southern States reported a $2.4 million gain in the fourth quarter from the sale.