BIRMINGHAM, Ala. -- Expanding its franchise in northwestern Georgia, Amsouth Bancorp. said it would purchase First Federal Savings Bank of Calhoun, Ga., for $14 million in stock.

Amsouth, which is based in Birmingham, said late Tuesday it had signed a definitive agreement to buy the $69.4 million-asset thrift for 1.23 times book value. The deal, which will be accounted for as a pooling of interest, is expected to close in 1994.

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