LUMBERTON, N.C. -- Southern National Corp. said it signed a definitive agreement to acquire FedFirst Bancshares Inc.
The companies announced in July they had signed a letter of intent for an exchange of stock worth $88.8 million. FedFirst, based in Winston-Salem, N.C., is the parent of First Federal Savings Bank.
It would be the largest merger completed by Lumberton-based Southern National, which has $4.4 billion in assets and 152 offices in 82 cities and towns in North and South Carolina.
FedFirst, with $417 million in assets, would raise Southern National to No. 2 in the Winston-Salem market, from No. 6.
