First State Bank of DeKalb County in Fort Payne, Ala., has agreed to buy First Bank of the South in Rainsville, Ala.
The $98 million-asset First State and the $84 million-asset First Bank of the South, both privately held, did not disclose financial terms. The deal is expected to close in the third quarter.
Benji Willmon, First Bank of the South's CEO, will retire upon the deal's closing, said David Henderson, president of First State Bank.
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Robertson Banking Co. in Demopolis, Ala., has given its president, Gary Holemon, the additional title of chief executive.
March 29 -
The $364 million-asset company named Steve Rownd to the positions, effective Jan. 1. Rownd will also be named president and CEO of FNB Bank.
December 4 -
Avadian Credit Union in Birmingham, Ala., has agreed to buy American Bank of Huntsville in Alabama.
August 26
First Bank of the South has three branches, in Rainsville, Henagar and Grant, Ala.
It would be the first bank acquisition for First State, which was founded in 1981. First State has two offices, both in Fort Payne.
National Capital LLC was financial adviser to First State Bank. Fenimore, Kay, Harrison & Ford was its legal counsel.
