JACKSON, Miss -- Deposit Guaranty Corp. said it has begun a tender offer for the outstanding shares of First Columbus Financial Corp.

The transaction is valued at $50 million, or two times the Columbus, Miss., company's book value. The offer, conditioned on regulatory approvals, is scheduled to expire on Jan. 24 unless extended.

First Columbus is the holding company for First Columbus National Bank, which has $204 million of assets and three branches in the Columbus area.

Deposit Guaranty, parent of Deposit Guaranty National Bank, has $5 billion of assets.

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