ANNISTON, Ala. - Colonial BancGroup, its subsidiary, Colonial Bank, and United Savings Bank said they have signed a letter of intent for Colonial Bank to acquire United Savings Bank.

Colonial has agreed in principle to acquire United Savings Bank at $14 a share. A definitive acquisition agreement is expected soon. Negotiation of a definitive agreement is subject to approval of the Office of Thrift Supervision.

The merger is also subject to approval of the shareholders of United Savings Bank and to other regulatory approvals.

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