USAL buying fellow Alabama bank

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USAL Bancorp in Montgomery, Ala., has agreed to buy Escambia County Bank in Flomaton, Ala.

USAL, the parent of the $205 million-asset AmeriFirst Bank, will pay an undisclosed amount of cash for the $77 million-asset Escambia County.

The deal is expected to close in the first quarter.

Escambia County shareholders will also receive a special dividend before the deal’s completion.

USAL will have five branches after the deal closes.

Olsen Palmer advised Escambia County.

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