JACKSON, Miss. -- Deposit Guaranty Corp. said it has purchased substantially all of the outstanding common stock of First Columbus Financial Corp. at a cash price of $203.50 per share, for a total value of about $50 million.

First Columbus Financial Corp. is the parent of First Columbus National Bank, with total assets of $208 million.

Deposit Guaranty Corp., which has $5 billion of assets, said First Columbus will operate as a subsidiary until later this summer, when it will be merged with Deposit Guaranty National Bank, the second-largest bank in Mississippi.

Todd Vanderpool, senior vice president of Deposit Guaranty, was named president of First Columbus.

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