First Alabama sees profit boost from Secor.

BIRMINGHAM, Ala. - First Alabama Bancshares said it expects its pending acquisition of Secor Federal Savings Bank to increase earnings per share by 3% to 5% in the first year.

First Alabama, which earned $2.86 a share in 1992, expects to complete the transaction by yearend.

The company said a 30-day due diligence review is under way. The Secor deal and others pending would increase its assets to $10.2 billion, from $7.9 billion.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER