FirstBanc of Alabama, Inc., parent company of First Bank of Alabama, has acquired 100% of the stock of SouthFirst Bank in an all-cash transaction.
Olsen Palmer LLC served as exclusive financial advisor to FirstBanc of Alabama, Inc.
First Bank of Alabama had 8 branches and total assets of $720 million while SouthFirst Bank had 3 branches and total assets of $95 million. The transaction enhances First Bank of Alabama’s presence in Talladega County, expands their reach into Clanton and Chilton County, and results in consolidated total assets in excess of $800 million.
The transaction was unanimously approved by the Board of Directors of both institutions and by applicable bank regulatory authorities.
Olsen Palmer LLC is the #2 bank M&A advisor nationwide according to S&P Global, based on the number of whole-bank M&A deals advised upon in 2020.
TRANSACTION ANNOUNCEMENT (PDF)