MONTGOMERY, Ala. - First Alabama Bancshares Inc. said it has reached an agreement to acquire Security Federal Savings and Loan Association, a $400 million-asset thrift in Nashville.

Security Federal would convert from a mutual to a Tennessee-chartered commercial bank owned by First Alabama, which ranked second among Alabama banking companies at yearend 1991, with $6.4 billion in assets.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.