MONTGOMERY, Ala. -- Colonial Bancgroup has agreed to acquire First Amfed Corp. in a stock swap valued at $45. million.

First Amfed Corp. has assets of $485 million and nine Alabama offices. The purchase will increase the assets of Colonial to $2.5 billion, or more than 20%. The acquisition will dilute the projected 1994 earnings per share for Colonial by less than 2%, the company said.

Projected earnings for 1994 were $2.60 to $2.65 per share, the company said. Assuming that the acquisition will close by Jan. 1, the new expected earnings will be $2.59 to $2.60 per share for 1994.

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