BIRMINGHAM, Ala. - First Alabama Bancshares Inc. said the Office of Thrift Supervision has approved its proposed acquisition of Secor Bank, a Birmingham-based thrift.
The transaction still requires approvals by Secor shareholders on Dec. 15 and by the Federal Reserve Board. The transaction is scheduled to close on Dec. 31.
First Alabama Bancshares has $8.1 billion of assets, Secor $1.8 billion. Secor shareholders would convert each common share into 0.684 share of First Alabama stock.
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