First National Bancorp of Gainesville, Ga. reached across southern Georgia and nearly halfway across Florida to sign a letter of intent to buy New Smyrna Beach-based FF Bancorp for $78 million in stock.

First National, which has assets of $2.3 billion, will pay a price representing 1.6 times FF Bancorp's book value and eight times its projected 1995 earnings.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

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