BIRMINGHAM, Ala. -- First Alabama Bancshares Inc. and Sector Bank said each company's board has approved their definitive merger agreement.
The agreement in principle was announced May 18. First Alabama would pay about $140 million for Secor. The Birmingham-based thrift's $2 billion of assets would raise First Alabama to $10.2 billion.
In announcing the definitive agreement, First Alabama chairman J. Stanley Mackin said his company has adopted "hiring restraints so that we can absorb as many Secor people as possible into our system through attrition."