BIRMINGHAM, Ala. - Central Bancshares of the South has signed a definitive agreement to purchase 1st Performance National Bank, Jacksonville, Fla.
Central, with $7 billion of assets, said it would pay cash for the unit of Resource Bancshares, Columbia, S.C. Other terms were not disclosed. The deal awaits shareholder and regulatory approval.
The Florida bank has $278 million of assets, $248 million in deposits, and $25 million in equity.
As reported June 10, Central signed a letter of intent in June to acquire 1st Performance's offices in Jacksonville, Jacksonville Beach, Fernandina Beach, Hasting, Hillard Middleburg, Orange Park, St. Augustine, and Yulee, Fla.
Also as reported, Central said it would change its name to Compass Bancshares in November, facilitating expansion and uniting affiliaties in Alabama, Texas, and Florida - including 1st Performance - under the Compass Bank name.