BIRMINGHAM, Ala. -- Compass Bancshares signed a definitive agreement to acquire American Bancorporation of the South, Merrill Island, Fla.

Compass, based here, will pay $15.4 million in cash, or 1.2 times book value, to acquire the holding company for American Bank of the South, which has $190 million of assets and 16 offices in Brevard County on Florida's eastern coast.

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