BIRMINGHAM, Ala. -- Central Bancshares of the South Inc. said it reached a definitive agreement for the previously announced acquisition of First Federal Savings Bank of Northwest Florida for up to $11 per share. Central Bancshares said it would also acquire First Federal's options, giving the transaction a total value of about $14.4 million.
First Federal has assets of about $101 million. The transaction is subject to shareholder and regulatory approvals.
Truist Financial's top executive leadership team announces departures; First Horizon's chief credit officer is retiring; Ferry teams with Highnote to roll out a new Visa-branded payroll card; and more in the weekly banking news roundup.
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Leaders of ORNL Federal Credit Union are piloting Zest AI's new artificial intelligence-powered assistant to ensure equitable underwriting practices and measure performance against similar institutions.
Powered by younger, affluent cardholders, American Express saw a 6% increase in billed business during the first quarter, while weak growth still plagues its small-business segment.
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Beth Johnson, a self-described math geek, is driving the bank's ESG strategy and training its employees to keep pace with industry trends.
