First Alabama Bancshares Inc. announced an expansion of its Louisiana foothold Wednesday with an agreement to acquire Guaranty Bancorp of Baton Rouge.

First Alabama, which has $8.1 billion of assets, said it would acquire Guaranty Bancorp for about $28 million, or 2.2 times book value. Guaranty is the holding company for Guaranty Bank and Trust Co. of Baton Rouge, which has $185 million in assets and six offices in the Louisiana capital.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.