BIRMINGHAM, Ala. -- Central Bancshares of the South Inc. said it has agreed to acquire ECSB Holding Co. Inc. of Fort Walton Beach, Fla., and its subsidiary, Emerald Coast State Bank, for up to $2.23 million.
The acquisition of ECSB, which has $14 million in assets and $2.6 million in equity, is the second in northwest Florida that Alabama-based Central Bancshares has announced within two months. It previously agreed to buy Peoples Holding Co. Inc. and its Liberty Bank of Fort Walton Beach.
Central entered the Florida market in July 1991 with the purchase of Citizens and Builders Federal Savings Bank, Pensacola, which operates as Central Bank of the South-Florida.
