First Bank of Alabama has agreed to acquire the Heflin and Ranburne branches of Southern States Bank in Alabama for an undisclosed price.

Through the deal, First Bank of Alabama will gain the physical locations and most of the loan and deposit accounts related to the two Southern States Bank branches.

Southern States Bank is a subsidiary of Southern States Bancshares, while First Bank of Alabama is a subsidiary of FirstBanc of Alabama.

Steve Whatley — Chairman of Southern States said: “We believe this transaction is a win-win for our institution and customers. It 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.

“We are deeply appreciative to our shareholders, employees and customers for their ongoing support and endorsement as we continue to grow and evolve.”

The proposed deal will grow the footprint of First Bank of Alabama in East Central Alabama. It will provide nearly a 32% share of the bank deposits in Cleburne County.

After the closing of the deal, First Bank of Alabama will take its total assets to over $920 million and will have a dozen full-service locations in East Central Alabama.

Chad Jones — President and CEO of FirstBanc of Alabama said: “We are very excited about the proposed acquisition of these Heflin and Ranburne branches. 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.

“The branches tie in well with our existing franchise in East Central Alabama, with the contiguous counties of Calhoun, Clay, Talladega and Randolph.”

The deal, which is subject to customary conditions and approval from applicable bank regulatory authorities, is likely to be wrapped up in the second half of this year.

  Alabama, Banking acquisition news, Banking industry news, Chad Jones, Cleburne County, First Bank of Alabama, FirstBanc of Alabama, Heflin, Ranburne, Southern States Bancshares, Southern States Bank, Steve Whatley, USA