BIRMINGHAM, Ala. -- Central Bancshares of the South Inc. said it reached a definitive agreement for the previously announced acquisition of First Federal Savings Bank of Northwest Florida for up to $11 per share. Central Bancshares said it would also acquire First Federal's options, giving the transaction a total value of about $14.4 million.

First Federal has assets of about $101 million. The transaction is subject to shareholder and regulatory approvals.

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