BIRMINGHAM, Ala. - The Federal Deposit Insurance Corp. board has voted to allow First Alabama Bancshares to purchase warrants that the agency holds in Secor Bank.

The warrants, held by the FDIC in its role as manager of the Federal Savings and Loan Insurance Corporation Resolution Fund, would have given the government 25% of Secor common stock, if exercised.

Under terms of First Alabama's pending acquisition of Secor, the warrants would be canceled when the deal closes.

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