USAL buying fellow Alabama bank
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.